Track market-moving stories before they get noisy

BRECKENRIDGE, Colo., Sept. 09, 2026 (GLOBE NEWSWIRE) -- Breckenridge Distillery, one of the most-awarded craft distilleries in the U.S. by Tilray Brands, Inc. (NASDAQ: TLRY and TSX: TLRY) is honoring 40 years of The Drive and six years as the Hometown Bourbon Whiskey of the Denver Broncos with a limited-edition whiskey collection. Created for game day tailgates and traditions, and fans across Broncos Country, the lineup brings together award-winning Breckenridge Bourbon, a limited-edition trio of collectible Bourbon Whiskey Blends, and nostalgic Broncos Creamsicle Whiskey Seltzer.

From kickoff to the final whistle, these fan-favorite releases, inspired by the team’s iconic orange, blue, and white, are crafted to fuel Broncos Sundays from every cheer, touchdown, and victory toast. Whether tailgating at the stadium or hosting game-day watch parties from home, every sip delivers bold Colorado character and the energy of Broncos football.

Breckenridge Bourbon Whiskey

Breckenridge Bourbon Whiskey is for the fans who bleed orange and blue. With a bold spirit and smooth finish, it’s the perfect pour to celebrate game day, great moments, and Colorado pride. (86 proof / 43% ABV)

Tasting Notes Breckenridge Distillery's award-winning, high-rye Bourbon Whiskey is aged for a minimum of three years, in charred, new American oak barrels, and blended to reveal the unique qualities of the Bourbon Whiskey. Deep, honey-amber hue with pronounced aromas of butterscotch, candied orange and apple; dry cacao and brown sugar envelop the tongue as the spirit lingers with notes of vanilla and white pepper. MSRP: $34.99-39.99 Broncos Bourbon Blend

This limited-edition Broncos Bourbon Blend collection is built for Broncos Country—three collectible blends in bold orange, blue, and white. Crafted to commemorate the 40th Anniversary of The Drive, each bottle brings hometown pride and game day energy to the shelf. Collect all three. (86 proof / 43% ABV)

Tasting Notes Warm notes of sweet caramel and toasted oak rise from the glass, accented by subtle orange undertones that add a delicate citrus brightness. On the palate, a smooth wave of caramel sweetness is layered with gentle chocolate-like richness and hints of light fruit, while soft spice builds in the background, leading into a remarkably smooth, approachable finish with lingering warmth and a touch of sweet oak. MSRP: $40.99-44.99 RTD: Broncos Creamsicle Whiskey Seltzer

Broncos Creamsicle Seltzer is back. This ready-to-drink cocktail blends smooth Breckenridge Whiskey with a nostalgic creamsicle twist—bright citrus and creamy vanilla in one ice-cold can. Whether you're tailgating, cheering from home, or celebrating a Broncos touchdown, this is the drink every Broncos fan will be crushing all season long. (7% ABV)

Tasting Notes: Aroma: Bright orange zest jumps out first on the nose, layered with soft vanilla cream and a delicate hint of citrus blossom—reminiscent of a nostalgic creamsicle on a summer day.Palate: Juicy orange leads the way, mellowed by smooth vanilla and a crisp citrus tang, delivering a lightly sweet, refreshingly balanced sip with a gentle warmth. MSRP: $11.99-13.99 “For six years, it's been an incredible honor to be a whiskey partner of the Denver Broncos. As two Colorado brands with deep roots in this state, we've always believed in celebrating the passion, pride, and traditions that bring Broncos Country together,” says Bryan Nolt, Founder and CEO of Breckenridge Distillery. “Every season gives us another opportunity to create something special for Broncos fans, and this year's collection is one of our most exciting yet. It is our way of raising a glass to the fans who make game day in Colorado unlike anywhere else.”

The limited-edition Broncos lineup is currently available at Colorado retailers, as well as at Breckenridge Distillery and the Breckenridge Distillery Tasting Room in Breckenridge, Colorado, and available for home delivery where permitted. Visit breckenridgedistillery.com to find a retailer closest to you. Shop local. Sip legendary. Go Broncos!

For more information about Breckenridge Distillery, visit breckenridgedistillery.com. Follow Breckenridge Distillery on Instagram @breckdistillery. Age 21+. Always enjoy responsibly.

About Breckenridge Distillery
Founded in Colorado in 2008, Breckenridge Distillery is the “World’s Highest Distillery,” and is best known for its award-winning blended bourbon whiskey, a high-rye mash American-style whiskey. One of the most highly awarded distilleries in the U.S., the Breckenridge Distillery is proudly a 3x Icons of Whisky and 10x winner of Best American Blended at the World Whiskies Awards by Whisky Magazine and a 6x winner of Colorado Distillery of the Year by the New York International Spirits Competition. Most recently, Breckenridge Port Cask Finish was named World’s Best Finished Bourbon at the 2024 World Whiskies Awards, joining Breckenridge High Proof, named World’s Best Blended Whiskey, and Breckenridge Gin, named World’s Best Compound Gin at the World Gin Awards by Gin Magazine. Breckenridge spirits have been awarded 7 Double Golds at the San Francisco World Spirits Competition.

The Breckenridge Distillery is more than award-winning spirits, offering an immersive guest experience. Named one of the country’s Top Visitor Attractions by Whisky Magazine, guests can dine at the award-winning restaurant, enjoy show-stopping cocktails, explore an in-depth tasting, and get an inside look at the active production facility—including the opportunity to blend their own whiskey.

Breckenridge Distillery is a subsidiary of Tilray Brands, Inc. (NASDAQ: TLRY and TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life.

To learn more about Breckenridge Distillery, visit www.breckenridgedistillery.com. Keep up with Breckenridge Distillery on Instagram by following @breckdistillery and become a fan at facebook.com/BreckDistillery. For more information about Tilray Brands, visit www.tilray.com and follow @tilray on Instagram, Twitter, Facebook, and LinkedIn.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY) is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements

Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact

Tilray Brands Media: [email protected]

Investors: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d72f3926-cb17-46c0-9c7f-4c9dc59a73ea

Shares of Tilray Brands (TLRY +0.44%) rose significantly toward the end of last year on positive regulatory developments in the U.S. cannabis industry. However, this rally was short-lived. Tilray's stock reached $23.20, but shares are now changing hands for just under $5, not far from its 52-week low of $3.67. Let's find out what's going on with Tilray and where the stock might be headed next.

Investors don't have much faith Earlier this year, the U.S. Federal Government moved medical marijuana products regulated at the state level -- as well as products approved by the U.S. Food and Drug Administration containing marijuana -- from Schedule I to Schedule III. This means that these products are now considered to be less prone to abuse than Schedule I and Schedule II substances, and are recognized as having some medical benefit, which should make medical research into marijuana easier.

Image source: Getty Images.

This was meaningful progress for Tilray and its peers, and the company is actively exploring ways to capitalize on it. The market, though, apparently doesn't think Tilray will meaningfully profit from this change; that's why the stock has moved south over the past year, despite its shares initially soaring on news of rescheduling.

Meanwhile, Tilray's financial results remain unimpressive. In the fourth quarter of its fiscal year 2026, which ended May 31, the company's revenue increased by 25% year over year to $281.7 million, but that was mostly due to the acquisition of selected assets from BrewDog, a U.K.-based craft brewer, which positively impacted its beverage segment.

Tilray paid $53.7 million in cash for this deal, which helped beverage revenue jump 61% year over year to $105.6 million. But the acquisition contributed $51.1 million in revenue during the period. Setting that $51.1 million aside, Tilray's beverage revenue actually declined by 17%, and its total revenue climbed by just under 3% during the quarter.

On the bottom line, Tilray's net loss per share of $0.43 was significantly better than the loss per share of $13.01 recorded in the year-ago period. But here again, there is more to the story. In the fourth quarter of last year, Tilray incurred significant impairment charges related to certain intangible assets. That's why the year-over-year comparison looks so good. Overall, Tilray's financial results remain mediocre.

Premium Feature

Moneyball Superscore

34/100

Today's Change

(

0.44

%) $

0.02

Current Price

$

4.52

What's next for Tilray? There was recently a hearing to discuss whether marijuana rescheduling in the U.S. should be broader (it would include recreational use for adults). This may open up an even larger opportunity for Tilray and its peers. But there is no guarantee that broader rescheduling will happen. So, it might not be wise for investors to buy shares of Tilray, hoping that there will be more regulatory progress in the cannabis industry in the U.S., and also that the company will succeed in carving out a niche in the market.

But what if things move in Tilray's favor and the government does reschedule recreational marijuana? Even then, the stock wouldn't be attractive. For one, placing cannabis in Schedule III wouldn't make the substance legal. It would remain highly regulated, and pot growers still wouldn't be able to transport it across state lines, significantly limiting their ability to serve customers across the U.S. Even without that restriction, Tilray would face significant challenges.

After all, recreational uses of cannabis for adults have been legal for years in Canada, but that hasn't made the company successful. Tilray faced stiff competition, stringent regulatory rules to obtain the proper authorization to grow and sell the substance, oversupply, an illegal market that still accounted for a meaningful share of sales, and other issues. Why think that Tilray will be significantly more successful in the U.S., even if cannabis becomes fully legal at the federal level? It might, but the facts hardly point us toward that conclusion. That's why investors should stay away from this stock.

NEW YORK, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), a leading global lifestyle and consumer packaged goods company, in partnership with The Magnum Ice Cream Company, today announced that Popsicle Hard Firecracker will transition to a permanent, year-round flavor in the Popsicle Hard portfolio, following an overwhelmingly positive response from consumers.

Originally introduced as a limited-edition seasonal flavor, Firecracker quickly became a fan favorite. Inspired by one of Popsicle’s most recognizable frozen treats, the flavor captures the classic red, white and blue combination of cherry, lemon-lime and blue raspberry notes. Following its successful debut, Popsicle Hard is adding Firecracker to its permanent lineup, giving U.S. consumers 21+ year-round access to the fruity, refreshing flavor they know and love, with a 5% ABV twist.

“Popsicle Hard Firecracker has quickly proven the power of pairing an iconic, nostalgia-driven flavor with the growing consumer demand for fun, flavor-forward adult beverages,” said Carrie Shafir, VP of Brand at Tilray Beverages. “The response to our limited-edition launch showed us that Firecracker had become more than a seasonal offering, it had earned a permanent place in the Popsicle Hard portfolio. By adding it year-round, we’re giving 21+ consumers more opportunities to enjoy a flavor they know, love, and clearly want more of.”

Firecracker joins the existing year-round Popsicle Hard flavors including Hard Cherry, Hard Grape and Hard Orange, with each flavor capturing the taste and joy of Popsicle. Popsicle Hard is available at retail stores nationwide.

To learn more about Popsicle Hard flavored malt beverages, please visit: www.popsiclehard.com or on Instagram @drinkpopsiclehard.

About The Magnum Ice Cream Company
We are the world’s largest ice cream company, headquartered in Amsterdam, The Netherlands and listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. Home to four of the world’s five largest ice cream brands, with a global team of 16,500 employees, operating thirty factories, 12 R&D centres and a fleet of three million freezer cabinets, we generated €7.9 billion in revenue in 2025. From Magnum and Ben & Jerry’s to Cornetto, Popsicle and the Heartbrand, our ice cream portfolio delights consumers in 80 markets around the world. For more information, visit www.corporate.magnumicecream.com

About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities law.

For further information, please contact:

Media: [email protected]
Investors: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4a63443-4408-47ad-ac24-cc3edc7c9bce

The Cannabis Comeback? 3 Marijuana Stocks to Watch Now The cannabis industry is entering September, and investors are once again searching for opportunities across the sector. After years of volatility, several marijuana companies are showing signs of stronger financial performance. Revenue is improving for some operators. Meanwhile, others are cutting costs, strengthening margins, and expanding internationally. That combination could put marijuana stocks back on investors’ radar. However, this is no longer simply a story about rapid expansion. Investors are becoming more selective about which cannabis companies deserve their attention. Today, profitability matters. Cash flow matters. Additionally, investors want companies with strong brands and opportunities beyond their existing markets. International cannabis growth has become particularly important. Europe continues expanding its medical cannabis industry. As a result, Canadian producers are positioning themselves to capture growing international demand. Meanwhile, the United States remains an important potential catalyst. Changes to federal cannabis regulations could eventually reshape the industry’s investment landscape.

Canadian Producers Positioned for Growth Still, investors should not depend entirely on regulatory changes to drive marijuana stocks higher. Instead, companies must demonstrate improving businesses and stronger financial results. Fortunately, several cannabis companies are beginning to deliver encouraging numbers. Tilray Brands recently completed a record fiscal year for revenue. Meanwhile, Canopy Growth reported double-digit revenue growth during its latest quarter. Village Farms International also delivered record cannabis revenue and international export sales. These improvements could make the sector increasingly interesting during September. Of course, marijuana stocks remain highly speculative investments. Sharp price movements can happen quickly following financial, regulatory, or political developments. Therefore, investors should carefully research each company before making investment decisions. Three cannabis stocks currently stand out as we enter September 2026. Tilray Brands (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Village Farms International (NASDAQ: VFF) each offer different opportunities. More importantly, improving fundamentals could make these three marijuana stocks worth watching closely.

[Read More] 3 Marijuana Stocks To Focus On For Future Growth And Profits

3 Top Marijuana Stocks to Watch in September 2026 Tilray Brands (NASDAQ: TLRY) Canopy Growth Corporation (NASDAQ: CGC) Village Farms International (NASDAQ: VFF) Tilray Brands (NASDAQ: TLRY) Tilray Brands remains one of the most recognizable cannabis companies trading on a major U.S. exchange. However, the company has evolved considerably beyond its original marijuana business. Today, Tilray operates across cannabis, beverages, wellness, distribution, and hospitality. Cannabis still remains an important part of the company’s long-term strategy. Tilray owns several established cannabis brands, including Good Supply, Redecan, Broken Coast, and RIFF. Additionally, the company has developed a sizable international medical cannabis operation. Europe remains especially important to Tilray’s expansion strategy. The company has production capabilities that help serve growing international medical cannabis markets. Meanwhile, Tilray’s largest physical presence in the United States comes through its beverage and consumer businesses. Those operations include SweetWater Brewing and several additional beverage brands. However, Tilray currently operates zero marijuana dispensaries in the United States. Therefore, TLRY offers investors a different approach compared with traditional American multi-state cannabis operators.

Financially, fiscal 2026 represented an important growth year for Tilray. The company reported record annual net revenue of approximately $915.5 million. That represented an 11% increase from $821.3 million during the previous year. Cannabis net revenue also increased 8% to approximately $268.3 million. Cannabis gross profit also increased 8% to approximately $107.1 million. Meanwhile, cannabis’s gross margin remained approximately 40%. Tilray’s beverage business generated approximately $254 million in annual net revenue. Distribution revenue performed even better, reaching approximately $327.2 million. Overall gross profit increased 8% to approximately $260.4 million. Additionally, adjusted net income increased almost 90% to approximately $12.2 million. Adjusted EBITDA reached approximately $61.1 million, compared with $55 million previously. Nevertheless, Tilray reported a GAAP net loss of approximately $105.2 million. Therefore, investors should continue monitoring profitability. Still, rising revenue makes TLRY an interesting marijuana stock entering September.

[Read More] The Best Way Marijuana Stock Investing Can Work For You

Canopy Growth Corporation (NASDAQ: CGC) Canopy Growth remains another well-known Canadian cannabis company among marijuana stock investors. The company sells medical and recreational cannabis products through several established brands. Those brands include Tweed, 7ACRES, DOJA, and other recognizable cannabis names. Canada remains the company’s primary cannabis market. However, management continues pursuing growth opportunities internationally. Canopy has also maintained exposure to the potential long-term development of the American cannabis industry. Its U.S. strategy has historically involved Canopy USA and several recognizable cannabis businesses. However, investors should distinguish Canopy Growth’s operations from separately structured American cannabis interests.

Meanwhile, Canopy’s international cannabis operations could become increasingly important. Europe provides another opportunity as medical marijuana markets continue developing. Additionally, Canopy Growth has strengthened its Canadian cannabis portfolio through acquisitions. The company does not directly operate a traditional nationwide U.S. marijuana dispensary network. Therefore, its current investment story depends heavily on improving Canadian operations, expanding internationally, and delivering stronger financial performance.

Canopy Growth’s latest financial results provided several encouraging signs entering September. First-quarter fiscal 2027 net revenue reached approximately C$81.2 million. That represented 13% year-over-year growth. Cannabis net revenue increased 14% to approximately C$65.1 million. Moreover, Canadian adult-use cannabis revenue increased 10% to C$29.7 million. Canadian medical cannabis performed even better during the quarter. Medical cannabis revenue increased 22% to approximately C$25.8 million. Additionally, international cannabis revenue increased 10% to C$9.6 million. Strength in Europe, particularly Poland, helped support international growth. Meanwhile, adjusted gross margin improved to 31%, compared with 25% previously. Most importantly, Canopy continued reducing its losses. The company’s net loss narrowed to approximately C$14.6 million during the quarter. That represented a 68% year-over-year reduction. Therefore, Canopy appears to be moving toward stronger financial performance. Consequently, CGC remains a marijuana stock worth monitoring closely throughout September 2026.

[Read More] 3 Marijuana Stocks To Watch At The End Of The Week

Village Farms International (NASDAQ: VFF) Village Farms International offers investors a different approach to the cannabis industry. The company developed its expertise through decades of controlled-environment agriculture and large-scale greenhouse production. Today, cannabis has become the company’s primary growth engine. Village Farms owns Pure Sunfarms, one of Canada’s leading cannabis producers. Pure Sunfarms operates large greenhouse facilities in British Columbia. Additionally, Village Farms owns a controlling interest in Quebec-based cannabis company Rose LifeScience.

The company has also expanded aggressively into international medical cannabis markets. Europe has become particularly important to its long-term growth strategy. Meanwhile, Village Farms continues developing its cannabis operations in the Netherlands. These international businesses could provide additional growth opportunities over the coming years. In the United States, Village Farms has exposure through its hemp-derived cannabinoid business. However, the company currently operates zero marijuana dispensaries in the United States. Therefore, VFF’s cannabis growth story currently centers heavily around Canada, Europe, and international exports.

Financially, Village Farms delivered impressive second-quarter 2026 results entering September. Consolidated net sales reached approximately $64 million. That represented 7% year-over-year growth and 27% sequential growth. More importantly, cannabis net sales reached a record $53.5 million. Cannabis gross margin also improved significantly to 51%. The comparable margin during the previous year was approximately 42%. Additionally, cannabis net income increased 21% to approximately $8.6 million. Adjusted cannabis EBITDA reached a record $15.3 million. That represented approximately 29% of cannabis sales. International exports were another major bright spot. Export sales reached a record $20.9 million. That represented 74% year-over-year growth and 43% sequential growth. Furthermore, consolidated net income reached approximately $7.1 million, or $0.06 per share. Operating cash flow totaled approximately $8.9 million. Village Farms also ended the quarter with approximately $73 million in cash. Therefore, VFF could be one of the more interesting marijuana stocks to watch during September 2026.

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Tilray Brands, Inc. (TLRY) may be positioned for another short squeeze, mirroring the 2025 setup, with 15% short interest and technical momentum building. TLRY trades below tangible book value (0.73x), with enterprise value ($746 million) under net hard assets ($818 million), offering a rare net-asset margin of safety. While still lacking GAAP profitability, TLRY targets FY 2027 adjusted EBITDA of $68-75 million and maintains $200 million+ cash, supporting liquidity for several years.

Tilray Brands, Inc. (TLRY - Free Report) closed the most recent trading day at $4.72, moving -2.48% from the previous trading session. This move lagged the S&P 500's daily loss of 0.28%. On the other hand, the Dow registered a gain of 0.26%, and the technology-centric Nasdaq decreased by 0.77%.

Prior to today's trading, shares of the company had gained 24.74% outpaced the Medical sector's gain of 7.57% and the S&P 500's gain of 2.31%.

The investment community will be closely monitoring the performance of Tilray Brands, Inc. in its forthcoming earnings report. Meanwhile, our latest consensus estimate is calling for revenue of $268.23 million, up 28.03% from the prior-year quarter.

TLRY's full-year Zacks Consensus Estimates are calling for earnings of -$0.42 per share and revenue of $1.1 billion. These results would represent year-over-year changes of +61.47% and +20.56%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Tilray Brands, Inc. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 23.81% lower within the past month. Tilray Brands, Inc. currently has a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 96, placing it within the top 40% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow TLRY in the coming trading sessions, be sure to utilize Zacks.com.

NEW YORK and TORONTO, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis and consumer packaged goods company at the forefront of the cannabis, beverage, hospitality and wellness industries, today announced a major expansion of its global cannabis cultivation capacity to meet accelerating international medical cannabis demand. Across its worldwide operations, Tilray has increased annual cultivation capacity to approximately 275 metric tonnes, up from 210 metric tonnes, driven by expanded output at its Quebec facility in Canada and its EU-GMP-certified facility in Portugal.

Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, stated: “Tilray is defining what global leadership in cannabis looks like. We are expanding production across Canada and Europe, increasing global capacity to approximately 275 metric tonnes, and strengthening the supply infrastructure needed to serve patients and partners across the world’s most important medical cannabis markets. As demand accelerates, Tilray is leading with scale, discipline and a differentiated international platform built for long-term growth.”

Tilray has increased annual cultivation capacity at its Quebec facility by 30 metric tonnes, materially increasing inventory for the Quebec market while adding supply for Europe, Australia and other regulated international markets. The Quebec facility is also on track to achieve EU-GMP certification within the next 12 months, further strengthening Tilray’s ability to produce medical cannabis to globally recognized quality standards. Tilray is now shipping Quebec-grown bulk cannabis directly to its sites in Portugal and Australia. The Company has also increased output at its EU-GMP-certified Portugal facility, one of Europe’s largest medical cannabis production sites and the anchor of Tilray’s European supply chain, strengthening supply to Germany, the United Kingdom and other European markets. In Germany, Tilray has also strengthened its cultivation operations, with its Aphria RX facility fully utilized and its new ARX brand launched successfully with strong early patient response.

The expansion of Tilray’s international cannabis operations further strengthens its position as a global cannabis leader. As an industry pioneer, Tilray continues to lead with a differentiated global platform that connects scaled cultivation, pharmaceutical distribution and vertically integrated patient-access platforms, including HelloMD in Canada and Lyphe Clinic in the United Kingdom, to expand access across the world’s most important medical cannabis growth markets.

As medical cannabis markets continue to mature, Tilray is building the trusted international infrastructure required to lead regulated cannabis at scale—expanding patient access, supporting healthcare providers and government partners, and setting the standard for responsible global growth.

About Tilray Medical
Tilray Medical is dedicated to transforming lives and fostering dignity for patients in need through safe and reliable access to a global portfolio of medical cannabis brands, including Tilray Medical, Good Supply, Redecan, ARX and Broken Coast. Tilray grew from one of the first companies to become an approved licensed producer of medical cannabis in Canada to building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany. Today, Tilray Medical is one of the largest suppliers of medical cannabis to patients, physicians, hospitals, pharmacies, researchers and governments in 20 countries.

For more information on Tilray Medical, visit Tilray Medical Europe, Tilray Medical Canada, and Tilray Medical Australia-New Zealand. 

About Tilray Brands 

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America. Tilray is building a transformative platform at the nexus of cannabis, beverage, wellness and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in more than 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Forward looking statements in this communication include, but are not limited to, statements regarding expected increases in global and site-level cultivation capacity, including anticipated annual capacity of approximately 260 to 275 metric tonnes and expanded output at the Company’s Quebec and Portugal facilities; the expected timing of EU-GMP certification at the Quebec facility and the Company’s plans to launch products to EU-GMP standards; expectations regarding bulk shipments from Quebec to the Company’s facilities in Portugal and Australia; the availability of inventory to support international markets; the integration and expansion of the Company’s UK platform following the acquisition of Lyphe Group; and the Company’s position and growth prospects within the international cannabis industry. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact:

Media: [email protected]  

Investors: [email protected]  

3 Canadian Pot Stocks That Could Gain Momentum in August 2026
Canadian cannabis stocks are once again gaining attention as investors search for opportunities within the global marijuana industry. The sector has experienced significant changes since Canada legalized recreational cannabis in 2018. However, several leading companies have emerged stronger after years of restructuring, cost reductions, and increased competition.

More importantly, the Canadian cannabis market continues to show steady consumer demand. Recent Health Canada data shows sales volumes remain substantial across flower, extracts, edibles, and medical cannabis. Additionally, total packaged cannabis sales increased compared with the previous year.

Meanwhile, international expansion has become increasingly important for Canadian cannabis producers. Companies are targeting medical marijuana opportunities throughout Europe, Australia, and other developing markets. Consequently, international cannabis sales could become a key growth driver for Canadian operators in the coming years.

In fact, analysts have identified international growth and operational efficiency as important themes for the Canadian cannabis industry in 2026. Companies with lower production costs and stronger margins could have an advantage. Furthermore, businesses that generate positive cash flow may separate themselves from weaker competitors.

Canadian Pot Stocks to Keep on Your Radar
Several major Canadian producers are already showing signs of improving operations. Canopy Growth reported 20% growth in fiscal 2026 Canadian adult-use cannabis revenue. Its Canadian medical cannabis revenue also increased 18% during the year.

Village Farms has also delivered strong cannabis growth, particularly through international exports. Meanwhile, Tilray continues expanding its Canadian and international cannabis operations. Tilray reported 5% growth in Canadian adult-use gross revenue during fiscal 2026.

Still, marijuana stocks remain highly speculative and can experience significant price swings. Therefore, investors should carefully examine revenue growth, profitability, cash flow, and international expansion.

With that in mind, three Canadian cannabis stocks stand out heading further into August 2026. Tilray Brands (TLRY), Canopy Growth (CGC), and Village Farms International (VFF) could be important names to watch.

[Read More] Here Is How Marijuana Stocks Can Make You Money Today

3 Top Marijuana Stocks to Watch in August 2026

Tilray Brands, Inc. (NASDAQ: TLRY)
Canopy Growth Corporation (NASDAQ: CGC)
Village Farms International, Inc. (NASDAQ: VFF)

Tilray Brands, Inc. (NASDAQ: TLRY)
Tilray Brands is one of the largest and most diversified cannabis companies trading on a major U.S. exchange. The company operates across cannabis, beverages, wellness products, pharmaceuticals, and hospitality. Moreover, Tilray has established operations throughout Canada, Europe, and the United States. Its cannabis portfolio includes brands such as Good Supply, Redecan, Broken Coast, and Solei. Additionally, Tilray Medical has built a growing presence within international medical cannabis markets.

In the United States, Tilray’s largest physical presence comes through its beverage and wellness businesses. Its craft beverage brands have particularly strong positions across several regional markets. However, Tilray does not currently operate traditional marijuana dispensaries in the United States. Therefore, its U.S. dispensary count remains zero. Instead, management has built infrastructure that could create opportunities if federal cannabis regulations continue to change. Tilray also operates CBD and wellness businesses within the American market. Consequently, investors often view TLRY as both a cannabis stock and a diversified consumer company.

Latest Financials
Tilray recently reported record results for its fiscal year ending May 31, 2026. Net revenue increased 11% to approximately $915.5 million. Meanwhile, gross profit increased 8% to $260.4 million. Cannabis net revenue also improved 8%, reaching approximately $268.3 million. Cannabis gross profit climbed to $107.1 million, while cannabis gross margin remained strong at 40%. Fourth-quarter net revenue also increased 25% to $281.7 million. Fourth-quarter cannabis revenue increased 5% to $71.5 million. However, Tilray still reported a fiscal-year net loss of $105.2 million. Much of that loss came from non-cash charges. Adjusted net income improved nearly 90% to $12.2 million. Additionally, adjusted EBITDA increased to $61.1 million from $55 million. Tilray finished fiscal 2026 with approximately $235 million in cash, restricted cash, and marketable securities. Looking forward, management expects fiscal 2027 adjusted EBITDA between $68 million and $75 million. Therefore, improving profitability could make TLRY interesting during August.

[Read More] Top 3 Ancillary Marijuana Stocks to Watch in August 2026

Canopy Growth Corporation (NASDAQ: CGC)
Canopy Growth remains one of the cannabis industry’s most recognized publicly traded companies. The Canadian company focuses heavily on medical and recreational cannabis products. Its portfolio includes Tweed, 7ACRES, DOJA, Deep Space, Claybourne, and MTL Cannabis. Additionally, Canopy owns Storz & Bickel, a leading premium cannabis vaporizer company. Canopy’s primary cannabis operations remain centered in Canada. However, its connection with Canopy USA provides exposure to the American marijuana market. Canopy USA owns Acreage Holdings, Wana Brands, and approximately 77% of Jetty. Acreage gives the platform a direct connection with state-legal cannabis markets.

Its main retail brand, The Botanist, operates dispensaries across five states. Those states include New York, New Jersey, Connecticut, Ohio, and Massachusetts. Currently, The Botanist’s U.S. retail footprint includes more than 11 dispensaries. Moreover, Canopy USA’s portfolio provides exposure beyond traditional retail stores. Wana provides strong edible exposure, while Jetty specializes in cannabis extracts and vaping products. Consequently, Canopy has positioned itself for future opportunities in the American cannabis market.

Latest Financials
Canopy Growth released its first-quarter fiscal 2027 financial results on August 7, 2026. Consolidated net revenue increased 13% year-over-year to C$81.2 million. Cannabis net revenue increased 14% to approximately C$65.1 million. Meanwhile, Canadian medical cannabis revenue increased 22% to C$25.8 million. Adult-use cannabis revenue grew 10% to C$29.7 million. International cannabis revenue also increased 10%, reaching approximately C$9.6 million. Adjusted gross margin also improved considerably during the quarter. Adjusted gross margin reached 31%, compared with 25% one year earlier. However, Canopy still reported an adjusted EBITDA loss of C$3.2 million. Encouragingly, that loss improved by 59% from the previous year. The company’s overall net loss also declined 68% year-over-year. Nevertheless, free cash outflow increased to C$25.7 million. Therefore, cash usage remains an important risk for investors. Still, stronger revenue and improving margins provide reasons to watch CGC closely.

[Read More] 3 Marijuana Stocks To Watch As More Changes Take Place In The Industry

Village Farms International, Inc. (NASDAQ: VFF)
Village Farms International has developed into an increasingly important global cannabis producer. The company originally built its business around large-scale controlled-environment agriculture. However, cannabis has become a major driver of its growth and profitability. Its Canadian cannabis operations primarily run through Pure Sunfarms. Pure Sunfarms operates one of the world’s largest cannabis cultivation facilities in British Columbia. Additionally, Village Farms owns Rose LifeScience and operates regulated cannabis businesses in the Netherlands. Its brands include Pure Sunfarms, Fraser Valley Weed Co., Soar, Super Toast, and Pure Laine.

In the United States, Village Farms operates CBDistillery through Balanced Health Botanicals. CBDistillery provides hemp-derived cannabinoid wellness products through e-commerce and retail distribution. However, Village Farms currently operates zero marijuana dispensaries within the United States. Instead, the company has maintained assets that could support future American cannabis expansion. Village Farms also previously retained two Texas greenhouses for potential cannabis opportunities. Therefore, changing federal and state regulations could eventually create another meaningful growth opportunity.

Latest Financials
Village Farms reported impressive second-quarter 2026 results on August 10. Consolidated net sales reached approximately $64 million. That represented 27% sequential growth and 7% year-over-year growth. More importantly, cannabis revenue reached a record $53.5 million during the quarter. International cannabis export sales also reached a record $20.9 million. Those export sales increased 74% year over year and 43% sequentially. Meanwhile, the company generated net income of approximately $7.1 million. Earnings reached $0.06 per share during the quarter.

Additionally, operating cash flow totaled approximately $8.9 million. Cannabis adjusted EBITDA from continuing operations reached a record $15.3 million. That figure represented an impressive 29% of cannabis sales. Furthermore, Village Farms ended the quarter with approximately $73 million in cash. Production efficiency also improved as its Delta facilities generated record harvest yields. Consequently, production costs declined while margins benefited from a stronger product mix. These improving fundamentals make VFF a notable marijuana stock to watch during August 2026.

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

ELLON, United Kingdom, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Scottish craft brewer BrewDog, by Tilray Brands, Inc., today unveiled its 2026 Advent Calendar, a 24-day countdown bringing together returning headliners and a line-up of limited-edition seasonal brews. Priced at £51.99, the calendar goes on pre-order from 7 September 2026 at brewdog.com, with a waitlist open now for those who want to be first to know.

Behind the doors sit 24 beers spanning BrewDog's best-known names and a wave of new and seasonal releases, including Punk IPA, Lost Lager, Hazy Jane, Wingman, Elvis Juice, Hazy Jane Tropical, Juice Shack, Palm Break, Emerald Daze, and many more. Every calendar also includes a brand-new Harmony glass, exclusive to this year's edition and made to keep long after the last beer has gone.

Among the seasonal line-up, three releases stand out:

Hoppy Christmas (6.0% ABV) – everyone's festive favourite. Buckle up for this seasonal Simcoe sled ride: a fruity festive fellow delivering an all-out Blitzen of citrus flavour by the sack load, with citrus and tropical fruit on the nose, tangy citrus, papaya and pineapple across the palate, all resting on a firm malty base. A happy but bitter end awaits.
 Jingle Juice (5.2% ABV) – forget sleigh bells, this is a hop hit with naughty-list energy. Tropical hops give juicy pineapple with a sticky edge, rolling into Seville orange and apricot warmth, like mulled fruit for the hazy beer crowd.
 Cocoa Reserve (8.0% ABV) – a decadent chocolate vanilla stout loaded with layers of roasted hazelnut, smooth vanilla and rich cocoa. Backed by a deep malt bill delivering notes of dark toffee, caramel and freshly baked goodies, malted oats bring a velvety mouthfeel, while Columbus hops keep things balanced with a subtle earthy bite. Lauren Carrol, Chief Commercial Officer at BrewDog, said: “Christmas wouldn't be Christmas without a countdown, and this year we wanted to really sprinkle some BrewDog magic. We've taken the artwork straight off our bar walls and brewery floor and put it on the calendar itself, so it's not just what's inside that's special this year, it's the whole thing. Twenty-four days, twenty-four craft beers, and hopefully twenty-four small reasons to love Christmas a little bit more.”

This year’s box design has been newly illustrated, taking its cues from BrewDog's bars and brewery taps. The calendar is one to add to the wish list early – an easy tick for partners, dads, brothers, friends, or anyone who always says they don't want anything.

Craft beer fans who get-in early are also in for a treat between 7 September and 11 October 2026 will receive a £10 voucher to spend on a subsequent online order. The offer is open to UK residents aged 18 or over, carries a £30 minimum spend excluding delivery, and is valid on the BrewDog UK online shop until 31 December 2026.

About BrewDog
BrewDog has always had one mission: making people as passionate about great beer as we are. From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007. Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognizable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future will continue to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact:

Media: [email protected]

Investors: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bfe318e-82de-49aa-866c-dfb91e0c2ddc

LONDON, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Tilray Medical, a global leader in medical cannabis research, cultivation, production and distribution and a division of Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), today announced the UK launch of Tilray Medical-branded cannabis flower products through Lyphe Clinic and Lyphe Dispensary, creating a direct-to-patient channel that broadens access for patients across the country and supports the continued commercial growth of Tilray Medical-branded cannabis medicines in the UK.

The launch marks an important milestone in Tilray’s integration of Lyphe Group and demonstrates the Company’s differentiated medical cannabis platform in the UK, bringing together European cultivation, pharmaceutical manufacturing, clinical care, prescribing, dispensing and patient support within a connected healthcare model.

Rajnish Ohri, President, International, Tilray Brands, stated: “This launch is a defining step in Tilray Medical’s UK strategy and a powerful example of how we are building a more connected, patient-centered medical cannabis platform. By bringing Tilray Medical-branded cannabis medicines to patients through Lyphe Clinic and Lyphe Dispensary, we are combining high-quality European cultivation and pharmaceutical manufacturing with trusted clinical, prescribing, dispensing and patient care services. This integrated model strengthens responsible access for patients, supports healthcare practitioners and reinforces Tilray Medical’s commercial leadership in regulated medical cannabis markets.”

Tilray Brands acquired Lyphe Group in April 2026, establishing a differentiated UK medical cannabis platform spanning clinical care, prescribing, dispensing and pharmaceutical distribution. The addition of Tilray Medical products to Lyphe Clinic and Lyphe Dispensary strengthens this model by connecting Tilray Medical’s global production network with Lyphe’s established patient and pharmacy infrastructure.

The rollout reflects Tilray Medical’s commitment to responsible access across regulated international medical cannabis markets and leverages the scale, quality standards and supply-chain capabilities of its global operations. The range available through Lyphe Clinic and Lyphe Dispensary is expected to expand over the coming months, with Tilray Medical products cultivated and produced through the Company’s international production network, including its EU-GMP-certified facility in Portugal.

About Tilray Medical
Tilray Medical is dedicated to transforming lives and fostering dignity for patients in need through safe and reliable access to a global portfolio of medical cannabis brands, including Tilray Medical, Good Supply, Redecan, ARX and Broken Coast. Tilray grew from one of the first companies to become an approved licensed producer of medical cannabis in Canada to building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany. Today, Tilray Medical is one of the largest suppliers of medical cannabis to patients, physicians, hospitals, pharmacies, researchers and governments in 20 countries across five continents.

For more information on Tilray Medical, visit Tilray Medical Europe, Tilray Medical Canada, and Tilray Medical Australia-New Zealand. 

About Tilray Brands 

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America. Tilray is building a transformative platform at the nexus of cannabis, beverage, wellness and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in more than 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Forward looking statements in this communication include, but are not limited to, statements regarding the integration of Lyphe Group into Tilray Medical's operations; the anticipated benefits of such integration; the expansion, development and commercialization of Tilray Medical's UK platform; expectations regarding future product availability and commercialization opportunities; the Company's ability to support patient access in regulated markets; and the Company's position and growth prospects within the international medical cannabis industry. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact:

Media: [email protected]  

Investors: [email protected]  

Marijuana has had a history of highs and lows in the U.S. over the past century — legally, politically and culturally — teetering between vilification and acceptance. Since 1996, 40 states and the District of Columbia have legalized either medical or recreational adult-use marijuana. Yet cannabis, the leafy plant from which marijuana is derived, is still a federally illegal Schedule I drug as defined by the 1970 Controlled Substances Act.  

With November's pivotal midterm elections fast approaching, cannabis reform is emerging as an important issue. Two states, Massachusetts and Idaho, will vote on ballot initiatives regarding legalization, and in several others, including Kansas and Iowa, gubernatorial candidates are debating cannabis matters.

Marijuana may not be as critical to voters as the economy, immigration, the war with Iran and the build-out of AI data centers. But it will likely be on the minds of Democrats and Republicans over the next few months. 

"It's certainly a very popular issue among voters," said Morgan Fox, political director for NORML, a non-profit group that advocates for cannabis legalization. "It's possible that it could become a more important issue as we get closer to the midterms, particularly if Republicans are worried about losing one or both chambers." 

President Donald Trump shined a political grow light on the issue last December when he urged the Justice Department to expedite the reclassification of marijuana from Schedule I to Schedule III, a category that includes Tylenol with codeine, ketamine and testosterone.  

The timing of Trump's announcement — coupled with his administration's recent order to fast-track approval of psychedelic drugs, as well the president's slumping approval rating — could be seen as a tactic to boost Republican voters who support loosening drug restrictions. It also steals thunder from Democrats, who had failed to reschedule cannabis during Biden's tenure.  

Trump's switch came to fruition, at least partially, in April. Acting Attorney General Todd Blanche signed an order to reschedule state-licensed medical marijuana to Schedule III, thereby easing research restraints and federal tax burdens on companies operating in the $30-billion legal cannabis industry. In a probable nod to voters, outgoing White House press secretary Karoline Leavitt said that rescheduling is "overwhelmingly popular with the vast majority of Americans." 

Public support for legal marijuanaSixty-four percent of U.S. adults think the use of marijuana should be legal, according to a November Gallup poll.

But that popularity may not translate directly into votes, according to Kevin Sabet, CEO of Smart Approaches to Marijuana, a non-profit that opposes marijuana legalization and commercialization. He believes that cannabis reform will be a low-priority issue come November. "It's traditionally let down the politicians who thought they were going to be scoring some cheap votes," he said, "most recently, the president." 

The Gallup data shows public support has declined from 70% in 2023, a trend that can be interpreted as politically motivated. Support for legalization among Republicans has fallen 13 points over the past year, to 40% from 53% — despite Trump's warming relationship with the industry —  while it's been consistent among Democrats (85%) and independents (66%) in recent years.  

At the federal level, "cannabis will still be illegal," Fox said of the rescheduling efforts. "The most concrete benefit of moving to Schedule III is 280E tax relief for cannabis businesses," he said, referring to the IRS code that prohibits legal cannabis companies from deducting otherwise established business expenses, such as payroll, rent and utilities, from gross income. 

"280E has always been one of those things that you just have to operate around," said Matthew Merlander, president of Sun Theory, a vertically integrated company that cultivates cannabis and operates dispensaries and markets branded edibles. "We know that if [it] does go away, that inherently makes the industry more profitable." 

Sabet concedes that the industry would benefit from the removal of 280E. "I just don't think it's a good thing," he said. "The last thing pot companies need are tax breaks." 

In fact, the prospect of rescheduling stoked Trump supporters in the industry who have lobbied the administration for federal and state reforms to onerous cannabis regulations. Most prominent among them is Kim Rivers, CEO of Trulieve, one of the largest U.S. cannabis companies, who donated $750,000 to the president's inauguration last year and attended a private $1 million-per-plate fundraiser at Trump's New Jersey golf club, where she urged the president to follow through on marijuana rescheduling and expand medical-cannabis research, according to the Wall Street Journal.

To date, Trulieve and other industry leaders, including Curaleaf, Green Thumb Industries and Verano Holdings, have contributed roughly $11.5 million into the Trump-aligned super PAC America First Agriculture Action Inc. ahead of the midterms, according to filings with the Federal Election Commission.

watch now

Nonetheless, many Republican lawmakers oppose cannabis reforms. More than 20 GOP senators and several House members signed letters urging the White House to halt reclassification. In August 2025, Rep. Paul Gosar (R-AZ) wrote, "Marijuana rescheduling will … not be the boon to the Republicans' midterm chances like Big Weed claims. In fact, reclassifying marijuana as a Schedule III drug would be a self-own for the Republican Party in 2026." 

Across the aisle, Congressional Democrats tepidly endorsed the order, labelling it a partial solution that fell short of full legalization, a policy that many in the party favor. Last month, 17 Senate Democrats, led by Cory Booker (NJ), Chuck Schumer (NY) and Ron Wyden (OR), reintroduced the Cannabis Administration and Opportunity Act, for the second time. If it passes, the legislation calls for completely removing cannabis from the Controlled Substances Act and ending its federal prohibition. 

"Voters across the country have made it clear they want cannabis legalized, and Trump's half measures aren't fooling anyone," Sen. Wyden said in an email statement to CNBC. "Anything less than full descheduling at the federal level is an attempt to juice Trump's numbers ahead of November, because he knows his platform of driving up gas prices and giving tax breaks to billionaires is about to lose him the midterms. The best path forward is passing" the CAOA, he said. 

Even so, in its most recent party platform, issued in 2024, Democrats stopped short of officially endorsing federal recreational legalization or complete descheduling of marijuana. The 2024 Republican Party platform did not take a clear position on cannabis legalization or rescheduling. 

Historically, marijuana is no stranger to controversy. The Marihuana Tax Act of 1937 effectively criminalized what until then had been legal cannabis. Two years later, "Reefer Madness" terrified movie-going parents. That set the tone decades later for President Richard Nixon to sign the Controlled Substance Act, condemning marijuana as a Schedule I drug alongside heroin and LSD.  

Americans kept lighting up, though, even after draconian federal and state anti-drug laws were enacted during the 1990s. Millions of people were arrested for possessing and selling marijuana and hundreds of thousands were incarcerated, some receiving life sentences. In 1996, 75% of the public opposed legalization. 

That same year, however, California breached the War on Drugs barricades, becoming the first state to legalize medical marijuana. Fifteen states have since followed suit. Then in 2012, Colorado and Washington became the first states to legalize recreational adult-use cannabis. To date, only Idaho and Kansas ban marijuana outright. 

Idaho, Kansas, Massachusetts among cannabis battleground states Idaho voters will have a chance in November to decide whether or not to keep it that way. An amendment on the ballot would grant the state legislature exclusive authority to prohibit citizen-initiated ballot measures on marijuana, narcotics and psychoactive substances. An initiative to legalize only medical cannabis failed to make the ballot, despite the fact that nearly three-quarters of surveyed voters favored the measure. 

Marijuana is not on the ballot in Kansas, though it may well come up in the race for governor. The Democratic candidate, Cindy Holscher, publicly endorsed recreational marijuana legalization during her primary campaign. Her GOP opponent, state senate president Ty Masterson, objects to legalization of recreational marijuana and has consistently blocked medical marijuana legislation from moving forward. 

Similarly, in nearby Iowa, where medical marijuana has been legal since 2017, the gubernatorial candidates are on opposite sides of the legalization issue. The GOP's Zach Lahn has clearly stated that he would not support legalizing recreational marijuana, while Democrat Rob Sand said in April, "I'm announcing my plan to legalize, tax and regulate adult-use cannabis." 

The electorate in Massachusetts is facing a more peculiar, and contentious, ballot measure. "An Act to Restore a Sensible Marijuana Policy" would retain the Bay State's medical marijuana program, overwhelmingly approved in 2012, while repealing its 2016 vote to legalize recreational marijuana sales and cultivation, which passed by a margin of 54% to 46%. This current initiative would mark the first time a voter-approved legalization measure was overturned. 

"It's a total uphill battle, definitely David and Goliath," Sabet said. "The marijuana industry can't believe it qualified, but at the same time [is] mobilizing very strongly to get this to fail."  

Sabet said that SAM was "one of the donors for that ballot initiative." The Massachusetts Office of Campaign and Political Finance filings show that the coalition behind the initiative received the entirety of its $1.5 million in fund-raising from SAM. There have been additional contributions to the coalition since then, which will be reported in September. A group opposing the measure, "Stop the Repeal," challenged the signature process, but the State Ballot Law Commission denied its petition.  

Regardless, said Fox, "It's pretty clear that this is not something people actually want."

A University of New Hampshire poll released in February found that 63% of Massachusetts voters oppose the measure, including 41% of Republicans surveyed. NORML will be heavily involved in working against it. "We want to make sure that this thing goes down in flames," he said. 

There's plenty of time between now and the November 3 elections for voters to weigh key issues. Whether rescheduling, legalizing or restricting marijuana rises in importance remains to be seen. "There is definitely an impetus among folks that are supportive of cannabis policy reform to put their marker down before the midterms," Fox said. The various state initiatives and races being considered, in his view, indicate "a recognition that this is a politically popular issue." 

LONDON, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Hi*Ball Energy, the clean, zero-sugar sparkling energy brand from Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), today announced a milestone partnership with Wolverhampton Wanderers Football Club (Wolves), becoming the Club's Official Energy Drink Partner for the upcoming EFL Championship season and accelerating Hi*Ball's growing presence in the UK energy drink category. As Hi*Ball's first sports partnership in the United Kingdom, the agreement marks a major step in the brand's growth strategy and introduces Hi*Ball to one of English football's most passionate and engaged fanbases.

Tilray Brands (TLRY -2.95%) recently posted record earnings numbers and is focused on even more growth ahead. For the coming fiscal year, it anticipates full-year revenue will exceed $1 billion. It would be a huge milestone for the company, whose growth prospects have been a big concern in recent years.

For growth investors, it may seem a bit surprising, given that marijuana legalization still isn't on the horizon in the U.S., making it challenging for Tilray to continue finding ways to grow. But here's how it believes it can get to $1 billion in revenue.

Image source: Getty Images.

How Tilray expects to hit new records for fiscal 2027 Last month, Tilray wrapped up its 2026 fiscal year (which ended on May 31) with net revenue totaling $915.5 million, up 11% from a year ago, when its top line totaled $821.3 million. That's a solid growth rate, particularly at a time when many businesses are struggling to grow due to economic challenges, including higher prices.

Tilray, however, has been leveraging opportunities in international markets as well as through acquisitions in its beverage segment to unlock more growth. And those are the areas that it's continually focusing on in the coming year. CEO Irwin Simon says that the business has entered the fiscal year "a stronger company than ever before, " highlighting Tilray's strong medical and cannabis business in Europe and its growing craft beer portfolio.

While reaching $1 billion in sales would be impressive, the cannabis company could achieve that milestone even if its growth rate slowed; its top line would need to increase by just over 9% to hit that target. Thus, it's a milestone that may be highly attainable, particularly if Tilray continues to expand internationally and adds to its craft beer portfolio through acquisitions.

Today's Change

(

-2.95

%) $

-0.14

Current Price

$

4.44

Why more growth may not be enough to turn Tilray's stock around Tilray has been growing its business over the years, and while getting to $1 billion may be a huge milestone, the market may be looking for much more: profitability. This past fiscal year, it incurred a loss of more than $105 million. While that was an improvement over a year ago, when it was more than $2 billion due to significant impairment charges, the business still hasn't demonstrated it can be consistently profitable.

Continual cash burn and costly acquisitions have weighed on the stock for years -- it's down 97% in five years -- and it may continue to struggle until it can prove to investors that it can grow and stay out of the red. Although it's growing, Tilray is still a risky stock to own.

When a company posts record numbers, it can be a good sign that the business is doing well. But not always. There are many factors to consider when investing in a company, beyond just whether it's growing at a strong pace.

Tilray Brands (TLRY +2.20%) has been razor-focused on growth in recent years, and last week it posted its results for its 2026 fiscal year. The company boasted record numbers for the year, with net revenue totaling $915.5 million, up 11% year over year. While it sounds encouraging, here's why I'd avoid the cannabis stock at all costs.

Image source: Getty Images.

Tilray has leaned heavily on acquisitions to fuel its growth From afar, Tilray might look like a good, diversified business that has expanded its reach over the years. It's less reliant on cannabis, which is a good thing given how ultra-competitive the Canadian market is. But when a company focuses too heavily on acquisitions, it becomes difficult to determine its true organic growth rate and how well it's doing when excluding acquisitions.

Take its beverage segment as a prime example. Last fiscal year, acquisitions made it look solid, with its growth rate at 19% and revenue totaling $241 million. This past fiscal year, which ended on May 31, however, beverage sales rose by less than 6% to $254 million. As there have been fewer acquisitions in the segment, its growth becomes less impressive.

Tilray has continued to grow, but mainly through acquisitions or international expansion. Those are costly growth avenues, and they can mask how the company is doing organically. In the meantime, it's still burning through a ton of cash. Over the past 12 months, Tilray used $69 million to fund its day-to-day operating activities, excluding capital expenditures. Its investing activities, which include acquisitions, depleted another $56 million during the year.

Today's Change

(

2.20

%) $

0.10

Current Price

$

4.64

The stock is down big for a reason, and a turnaround isn't on the horizon Tilray's growth isn't nearly as impressive when considering how much cash it's burning through. That cash burn also means it's highly likely there will be continued stock offerings in the future. Those offerings dilute shareholders and can cripple an already poor-performing stock even further. In five years, Tilray's stock has crashed an incredible 97%.

There's no compelling reason to suggest things will get any better, either. It's been the same old story for Tilray this year as in the past, with investors largely unimpressed with its costly growth strategy. And until that changes, I think it's a stock that investors are better off avoiding.

Tilray Inc (NASDAQ:TLRY) is making progress in its transition into a diversified consumer products company, according to Jefferies, which reiterated its ‘Buy’ rating while lowering its price target to $19 from a higher prior target after cutting earnings forecasts.

Shares traded up almost 3% at about $4 on Thursday afternoon

The firm reduced its fiscal 2027 and 2028 EBITDA estimates after management guided to fiscal 2027 adjusted EBITDA of $68 million to $75 million, below the consensus estimate of $84 million.

Jefferies now forecasts fiscal 2027 adjusted EBITDA of $75.5 million, down from its previous estimate of $92.1 million. 

The analysts noted that Tilray reported quarterly revenue of $282 million, ahead of the consensus estimate of $253 million, supported by growth across beverage alcohol, cannabis, distribution and wellness. They wrote that the results provided "a cleaner look at what the business can look like with BrewDog included," with beverage alcohol becoming a significantly larger contributor to the overall platform.

The firm said the company's transformation over the past year has shifted the investment story beyond cannabis, with Tilray Inc (NASDAQ:TLRY)reasingly becoming a diversified consumer company with multiple growth opportunities.

While lowering its earnings forecasts to reflect a slower profitability ramp, Jefferies said it continues to see upside from BrewDog, the company's Carlsberg partnership and international medical cannabis operations, although integration and investment are expected to weigh on near-term earnings.

Jefferies described the next few months as a period of mixed execution, with improving revenue momentum but a need to demonstrate the ability to scale its beverage business. Over an 18-month horizon, the brokerage maintained a positive outlook, citing improving beer margins, BrewDog's contribution, expanding beverage opportunities through Carlsberg and growth in international medical cannabis.

The firm added that Tilray's balance sheet and brand portfolio position it to benefit from favourable developments in the US cannabis regulatory environment while providing flexibility for future acquisitions.

Tilray Brands stock continued its strong downtrend and is hovering at its lowest level since June last year. TLRY has slumped by 57% this year, mirroring the performance of other cannabis stocks like Green Thumb Industries, Truelive Cannabis, and Curaleaf.

Tilray Brands, Inc. (TLRY) Q4 2026 Earnings Call Transcript

The Cannabis Sector's Billion-Dollar Tax CutTilray Brands NASDAQ: TLRY reported record fiscal 2026 revenue and adjusted EBITDA, supported by growth in international cannabis, pharmaceutical distribution, wellness and the fourth-quarter acquisition of BrewDog.

For the fiscal year ended May 31, 2026, net revenue rose 11% to $915.5 million from $821.3 million a year earlier. Adjusted EBITDA increased 11% to $61.1 million. The company said adjusted EBITDA would have been $63.4 million excluding $2.3 million in unanticipated fuel surcharges.

Get Tilray Brands alerts:

The 2026 Cannabis Wildcard: How Tax Reform Could Reset Stock ValuationsTilray ended the year with $234.6 million in cash, restricted cash and marketable securities, while net debt was less than $1 million, compared with approximately $14 million at the end of fiscal 2025. Chief Financial Officer Carl Merton said the company reduced debt by roughly $60 million during and after the fiscal year, including repayments and non-cash convertible-debt settlements.

Fourth-Quarter Results Fourth-quarter net revenue increased 25% to $281.7 million, from $224.5 million in the prior-year quarter. Revenue increased across all four operating segments, with beverage revenue rising 61% to $105.6 million, including $51.1 million contributed by BrewDog.

MarketBeat Week in Review – 09/29 - 10/03Fourth-quarter adjusted EBITDA rose 15% to a record $31.9 million, compared with $27.6 million a year earlier. Gross profit increased 34% to $90.5 million, and gross margin improved to 32%.

The company recorded a fourth-quarter net loss of $37.9 million, or $0.43 per share, an improvement from a loss of about $1.3 billion, or $13.01 per share, in the prior-year period. Merton said the year-over-year improvement primarily reflected the absence of prior-year non-cash impairment charges.

For the full fiscal year, net loss narrowed to $105.2 million, or $1.09 per share, from approximately $2.2 billion, or $24.56 per share, in fiscal 2025. Adjusted net income rose 87% to $12.2 million, or $0.11 per share.

International Cannabis and Distribution Growth Net cannabis revenue increased 8% to $268.3 million in fiscal 2026. International cannabis revenue climbed 34% to $84.9 million, driven by demand, broader distribution and improved supply availability, particularly in Germany. Germany and the United Kingdom each grew 25%, while Poland increased 73% and Italy increased 53%, according to Chief Executive Officer Irwin Simon.

International cannabis results faced approximately $21.1 million of price compression during the year. Despite that pressure, Merton said Tilray sold higher gram equivalents and allocated inventory toward higher-return markets.

Tilray said its Portugal facility, which supplies about 85% of its international medical cannabis business, reached roughly 80% utilization during the year. The company is harvesting at an annualized rate of more than 30 metric tons at the facility, compared with four metric tons 24 months earlier. Its Aphria RX facility in Germany is fully utilized, management said.

Canadian adult-use cannabis revenue increased 5% to $236.4 million. Simon said pre-roll, edible, vape and THC beverage categories continued to expand, while flower sales faced pressure as consumers shifted toward other formats. Canadian medical cannabis revenue declined 5% to $23.7 million, primarily due to Veterans Affairs reimbursement changes that Tilray expects will reduce fiscal 2027 revenue by about $4 million.

Distribution revenue, largely generated through German pharmaceutical distributor CC Pharma, increased 21% to $327.2 million. Distribution gross margin improved to 12% from 11%, helped by product mix and higher average selling prices. Simon said Tilray is considering additional roles for CC Pharma in cannabis storage, sales and compounding, as well as expansion into other markets.

BrewDog Adds to Beverage Platform Beverage revenue rose 6% to $254 million for the year, including BrewDog’s contribution following its acquisition during the fourth quarter. Tilray acquired BrewDog for approximately $54 million and subsequently invested nearly $50 million in working capital to support the business.

Management said BrewDog adds more than $200 million in annual revenue on a run-rate basis across the United Kingdom, Australia and the United States. The acquisition also added a hospitality footprint that includes pubs and franchise locations.

Excluding BrewDog, Tilray’s legacy U.S. beer operations were affected by broader industry conditions and internal efforts to improve profitability. Merton said margin-focused actions reduced revenue by approximately $16.6 million during the year. Simon said the company has rationalized SKUs, brands and distributors, and intends to focus on national brands including Shock Top and Carlsberg alongside regional brands.

Tilray also announced that, beginning Jan. 1, 2027, it will brew, market and sell Carlsberg Elephant, 1664 and Kronenbourg 1664 Blanc across the U.S. under a long-term partnership with Carlsberg.

Wellness revenue increased 9% to $65.9 million, supported by product innovation and growth in Hi*Ball clean energy drinks. Total fiscal 2026 revenue consisted of 36% distribution, 29% cannabis, 28% beverage and 7% wellness, according to the company.

Cash Flow, Margins and Outlook Gross profit increased 8% to $260.4 million, though reported gross margin declined to 28% from 29% due to international cannabis pricing pressure and a greater mix of lower-margin distribution revenue. Adjusted gross margin was unchanged at 29%.

Cash used in operations improved to $69.1 million from $94.6 million. Before working-capital investments, Tilray generated $18.2 million in operating cash flow, a $50.3 million improvement from the prior year. Working-capital use totaled $87.4 million, including about $50 million related to BrewDog and inventory investments supporting international cannabis growth.

Tilray expects adjusted EBITDA of $68 million to $75 million in fiscal 2027, representing a double-digit increase from fiscal 2026. Merton said the company expects international operations to account for about $700 million, or 60%, of consolidated revenue, while its overall annualized pro forma revenue run rate is approximately $1.2 billion.

Simon said Tilray’s fiscal 2027 priorities include margin expansion, efficiency improvements, innovation, integration of acquired businesses and stronger cash generation. He added that the company remains prepared to pursue U.S. medical cannabis opportunities if regulatory frameworks become clearer, but said Tilray would remain disciplined on acquisitions and investments.

About Tilray Brands (NASDAQ:TLRY)Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray's product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Tilray Brands Right Now?Before you consider Tilray Brands, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tilray Brands wasn't on the list.

While Tilray Brands currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.

Get This Free Report

Record Fiscal Year Net Revenue of $915 Million, Record Gross Profit, Consistent Adjusted Gross Margin3 and Record Adjusted EBITDA5 Highlights the Strength of Tilray’s Scaled Businesses and Profitable Growth Strategy

International Medical Cannabis Revenue Increased 34% for the Fiscal Year, Reinforcing Tilray's Leadership Across Europe and Expanding Patient Access at Scale

BrewDog Acquisition Ignited the Global Expansion of Tilray’s Beverage Platform, Unlocking New Growth Through the Power of Brands, Hospitality and Consumer Experiences

Disciplined Capital Allocation Strengthens Balance Sheet with Approximately $235 Million in Cash, Restricted Cash and Marketable Securities1; Net Debt2 Reduced to $0.7 Million

Fiscal Year 2027 Guidance of Adjusted EBITDA5 of $68 Million to $75 Million, Reflecting Double-Digit Growth Driven by Continued Momentum

NEW YORK and LONDON and LEAMINGTON, Ontario, July 28, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, hospitality and wellness industries, today reported financial results for its fourth quarter and fiscal year ended May 31, 2026. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, stated: “Fiscal 2026 marks an important milestone in Tilray’s evolution. We didn’t just deliver record revenue, record gross profit and record adjusted EBITDA5, we demonstrated the strength of the diversified global platform we’ve been building for the last five years. Today, Tilray Brands is a fundamentally different company: a global business with leadership positions across medical and adult-use cannabis, beverage, hospitality and wellness. We have built multiple growth engines, strengthened our balance sheet, expanded our global reach and created the financial flexibility to invest where we see the greatest opportunities. That combination gives us the ability to create value regardless of market conditions or regulatory timelines.”

Mr. Simon continued, “As we enter Fiscal 2027, we expect over $1 billion in annual revenue, with a stronger company than ever before. Across Europe, we have built one of the industry’s most comprehensive medical cannabis and pharmaceutical distribution platforms. In beverages, BrewDog, our American craft beer portfolio and our Carlsberg partnership create a global platform with significant opportunities for growth. Across every part of Tilray Brands, we remain focused on disciplined execution, stronger profitability, cash flow generation and creating long-term shareholder value. The next chapter for Tilray will not be defined by one product, one market or one regulatory event. It will be defined by disciplined execution across a diversified global platform built to create enduring shareholder value. We believe the opportunity ahead for Tilray Brands is greater than ever before.”

Strategic Business Highlights

European medical cannabis and pharmaceutical distribution infrastructure: International medical cannabis revenue increased 34% in fiscal 2026, demonstrating the strength of Tilray's end-to-end medical cannabis platform across cultivation, pharmaceutical distribution, clinical care and patient access. Through Tilray Medical, CC Pharma and Lyphe, the Company has established one of the most comprehensive and strategically positioned medical cannabis and pharmaceutical distribution infrastructures in Europe, creating a differentiated platform for long-term growth as regulated markets continue to expand. CC Pharma gross profit increased 57% in the fiscal fourth quarter, reflecting the operating leverage and value of Tilray's pharmaceutical distribution network. Global beverage transformation: Tilray accelerated its beverage strategy through the acquisition of BrewDog, creating a pro forma global beverage platform of approximately $500 million and adding one of the world's leading craft beer and hospitality brands. In just a few months of ownership, Tilray has stabilized the business, improved performance and positioned BrewDog for profitability, while leveraging its iconic pub network and experiential consumer platform to drive engagement through activations such as the £1 million Bar Tab campaign. Together with expanded U.K. and European reach and Tilray's exclusive U.S. partnership with Carlsberg, the Company is building a scaled global beverage powerhouse with significant opportunities for growth and value creation.
Balance sheet and cash flow discipline: Tilray further strengthened its financial position in fiscal 2026, ending the year with approximately $235 million in cash, restricted cash and marketable securities¹, reducing net debt² to $0.7 million, and improving positive cash flow from operations, excluding working capital, by 157% to approximately $18.2 million. These results reflect disciplined execution and provide the financial flexibility to invest in strategic growth opportunities and drive long-term shareholder value. Financial Highlights – 2026 Fiscal Year
All comparisons made to the prior fiscal year

Net revenue increased 11% to $915.5 million in fiscal 2026 compared to $821.3 million.Gross profit increased 8% to $260.4 million compared to $240.6 million.Gross margin was 28% for fiscal 2026 compared to 29%. Adjusted gross margin3 was 29% and remained unchanged.Cannabis net revenue increased 8% to $268.3 million in fiscal 2026 compared to $249.0 million. Cannabis gross profit increased 8% to $107.1 million in fiscal 2026 compared to $99.0 million.Cannabis gross margin was 40% in fiscal 2026 and was unchanged. Beverage net revenue increased 6% to $254.0 million in fiscal 2026 compared to $240.6 million. Beverage gross profit decreased 2% to $91.2 million in fiscal 2026 compared to $93.0 million.Beverage gross margin was 36% in fiscal 2026 compared to 39%. Distribution net revenue increased 21% to $327.2 million in fiscal 2026 compared to $271.2 million. Distribution gross profit increased 39% to $40.7 million in fiscal 2026 compared to $29.3 million.Distribution gross margin increased to 12% in fiscal 2026 compared to 11%. Wellness net revenue increased 9% to $65.9 million in fiscal 2026 compared to $60.5 million. Wellness gross profit increased 12% to $21.5 million in fiscal 2026 compared to $19.2 million.Wellness gross margin increased to 33% in fiscal 2026 compared to 32%. Driven predominantly by non-cash charges, net loss was $105.2 million in fiscal 2026 and net loss per share was $1.09. Adjusted net income4 increased almost 90% to $12.2 million, compared to adjusted net income4 of $6.5 million in the prior fiscal year. Adjusted net income per share4 or adjusted EPS was $0.11, compared to $0.07.
Adjusted EBITDA5 was $61.1 million in fiscal 2026 compared to $55.0 million; eliminating the impact of approximately $2.3 million of fuel surcharges in the fourth quarter, adjusted EBITDA5 would have been $63.4 million. Financial Highlights – 2026 Fiscal Fourth Quarter
All comparisons made to the prior year period

Net revenue increased 25% to $281.7 million in the fourth quarter compared to $224.5 million.Gross profit increased 34% to $90.5 million in the fourth quarter compared to $67.6 million. Gross margin was 32% in the fourth quarter compared to 30%.Cannabis net revenue increased 5% to $71.5 million in the fourth quarter compared to $67.8 million. Cannabis gross profit increased 7% to $31.7 million in the fourth quarter compared to $29.6 million.Cannabis gross margin was 44% in the fourth quarter and was unchanged. Beverage net revenue was $105.6 million in the fourth quarter compared to $65.6 million. Beverage gross profit was $40.6 million in the fourth quarter compared to $25.0 million.Beverage gross margin was 38% in the fourth quarter and was unchanged. Distribution net revenue increased 15% to $85.0 million in the fourth quarter compared to $74.1 million. Distribution gross profit was $11.7 million in the fourth quarter compared to $7.4 million.Distribution gross margin was 14% in the fourth quarter compared to 10%. Wellness net revenue increased 16% to $19.7 million in the fourth quarter compared to $17.0 million. Wellness gross profit was $6.6 million in the fourth quarter compared to $5.6 million.Wellness gross margin was 33% in the fourth quarter and was unchanged. Driven predominantly by non-cash charges, net loss was $37.9 million in the fourth quarter and net loss per share was $0.43. Adjusted net income4 was $5.3 million in the fourth quarter and adjusted net income per share4  or adjusted EPS was $0.05.Adjusted EBITDA5 was $31.9 million in the fourth quarter compared to $27.6 million; eliminating the impact of approximately $2.3 million of fuel surcharges in the fourth quarter, adjusted EBITDA5  would have been $34.2 million. U.S. Rescheduling Update: Following recent U.S. rescheduling developments, Tilray continues to evaluate multiple pathways to participation in an emerging federally compliant, science-driven medical cannabis market. Rescheduling represents an important federal policy milestone that may support expanded clinical research, greater product standardization, clearer quality and safety expectations, and the gradual development of a regulated medical cannabis framework in the United States. Meaningful regulatory uncertainty remains with ongoing legal challenges.

Tilray is approaching this opportunity with discipline, regulatory rigor and a medical-first strategy. Tilray has already developed a blueprint for a U.S. Tilray Medical platform that is focused on research, education, cannabinoid-based medicine development, patients and compliant medical cannabis access rather than adult-use retail. The strategy is designed to leverage Tilray Medical’s global foundation, including operations across more than 20 countries, pharmaceutical-grade cultivation, manufacturing capabilities, and quality management systems, complex regulatory expertise, clinical research experience, physician and pharmacy relationships, and patient access infrastructure. This foundation is supported by Tilray’s broader international medical cannabis platform, which has served hundreds of thousands of patients globally and includes more than 200 medical cannabis products across all of our markets.

Fiscal Year 2027 Guidance

For its fiscal year ending May 31, 2027, the Company expects to achieve adjusted EBITDA5 of $68 million to $75 million, representing double digit growth as compared to fiscal year 2026.

Management’s guidance for adjusted EBITDA5 is provided on a non-GAAP basis and excludes stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; impairments of intangible assets and goodwill; other than temporary change in fair value of convertible notes receivable; litigation costs; integration and restructuring costs; transaction-related costs; and other non-operating income (expenses) and non-recurring items that may be incurred during the Company’s fiscal year 2027, which the Company will continue to identify as it reports its future financial results.

The Company cannot reconcile its expected adjusted EBITDA5 to net income under “Fiscal Year 2027 Guidance” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time.

______________________________
(1) Cash, restricted cash and Marketable Securities is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(2) Net (debt) cash is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(3) Adjusted gross margin is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(4) Adjusted net income (loss) and adjusted net income (loss) per share (adjusted EPS) are a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(5) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.

Live Audio Webcast

Tilray Brands will host a webcast to discuss these results today at 4:30 PM Eastern Time. Investors may join the live webcast available on the Events & Presentations section of Tilray’s Investor Relations website. A replay will be available and archived on the Company’s website.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “position,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication.

Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become a leading lifestyle consumer packaged goods company; the Company’s ability to become a leading beverage alcohol Company; the Company’s ability to achieve long term profitability; the Company’s ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular business lines and markets; the Company’s ability to successfully achieve revenue growth, margin and profitability improvements, production and supply chain efficiencies, synergies and cost savings; the Company’s ability to achieve fiscal year 2027 financial guidance, including expected Adjusted EBITDA of $68 to $75 million and synergy optimizations; the Company’s expected revenue growth, sales volume, profitability, synergies and accretion related to any of its acquisitions; expected opportunities in the U.S., including upon U.S. federal cannabis legalization or rescheduling and the Company’s ability to leverage its platform in connection therewith; the Company’s ability to successfully leverage artificial intelligence strategies; the Company’s anticipated investments and acquisitions, including in organic and strategic growth, partnership efforts, product offerings and other initiatives; and the Company’s ability to commercialize new and innovative products.

Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Use of Non-U.S. GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures, including Adjusted gross margin (consolidated and for each of our reporting segments), Adjusted gross profit (consolidated and for each of our reporting segments), Adjusted EBITDA, Adjusted cash operating income (loss), Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, adjusted free cash flow, constant currency presentations of revenue, cash, restricted cash and marketable securities, and net (debt) cash. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, nor should adjusted net income (loss) per share be used as a measure of liquidity. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.

Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, impairments of intangible assets and goodwill, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company's GAAP financial results.

The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company's consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. A reconciliation of prior year revenue to constant currency revenue the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

Adjusted EBITDA is calculated as net income (loss) before income tax expense (recovery), net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; impairment of intangibles assets and goodwill; other than temporary change in fair value of convertible notes receivable; loss (gain) on sale of capital assets - non-operating facility; purchase price accounting step-up; project 420 optimization costs; litigation costs; restructuring costs, and transaction (income) costs, net. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

Adjusted cash operating income (loss) is calculated as operating loss, less; amortization; stock-based compensation; change in fair value of contingent consideration impairment of intangibles assets and goodwill; and other than temporary change in fair value of convertible notes receivable. A reconciliation of adjusted cash operating income (loss) to operating loss, the most directly comparable GAAP measure, has been included below in this press release. Adjusted cash operating income (loss) is not calculated in accordance with GAAP and should not be considered an alternative for GAAP operating income or as a measure of liquidity.

Adjusted net income (loss) is calculated as net loss attributable to stockholders of Tilray Brands, Inc., less; non-operating income (expense), net; amortization; deferred income tax expense (benefits), net; stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; project 420 optimization costs; impairment of intangibles assets and goodwill; other than temporary change in fair value of convertible notes receivable; litigation costs; restructuring costs and transaction (income) costs, net. A reconciliation of Adjusted net income (loss) to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release.

Adjusted net income (loss) per share (or adjusted EPS) is calculated as adjusted net income (loss) divided by weighted average number of common shares outstanding. A reconciliation of Adjusted net income (loss) per share to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release. Adjusted net income (loss) per share is not calculated in accordance with GAAP and should not be considered an alternative for GAAP net income (loss) per share or as a measure of liquidity.

Adjusted gross profit (consolidated and for each of our reporting segments), is calculated as gross profit adjusted to exclude the impact of purchase price accounting valuation step-up. A reconciliation of Adjusted gross profit, excluding purchase price accounting valuation step-up, to gross profit, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Adjusted gross margin (consolidated and for each of our reporting segments), excluding purchase price accounting valuation step-up, is calculated as revenue less cost of sales adjusted to add back amortization of inventory step-up, divided by revenue. A reconciliation of Adjusted gross margin, excluding purchase price accounting valuation step-up, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

Free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes cash paid for litigation settlements. A reconciliation of net cash flow provided by (used in) operating activities to adjusted free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

Cash, restricted cash and marketable securities are comprised of two GAAP measures, cash and cash equivalents and restricted cash added to marketable securities. The Company’s management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its short-term liquidity position by combing these two GAAP metrics.

Net (debt) cash is comprised of GAAP measures and reduces bank indebtedness, current and non-current portions of long-term debt, the principal balance of convertible debt by cash and cash equivalents and marketable securities. The Company believes this metric provides useful information to management, analysts, and investors regarding its liquidity and the Company’s ability to repay all of its debt.

Contacts:
Investor Relations
[email protected]
[email protected]

Media
[email protected]

     Consolidated Statements of Financial Position      May 31, May 31,(in thousands of US dollars) 2026
 2025
Assets    Current assets    Cash and cash equivalents $225,977  $221,666 Restricted cash  3,365   — Marketable securities  5,289   34,697 Accounts receivable, net  189,170   121,489 Inventory  301,192   270,882 Prepaids and other current assets  64,692   34,092 Assets held for sale  2,449   5,800 Total current assets  792,134   688,626 Capital assets  680,225   568,433 Operating lease, right-of-use assets  42,318   22,279 Digital assets  674   — Intangible assets  42,779   21,423 Goodwill  752,350   752,350 Long-term investments  6,551   10,132 Other assets  10,981   11,084 Total assets $2,328,012  $2,074,327 Liabilities    Current liabilities    Bank indebtedness $8,775  $7,181 Accounts payable and accrued liabilities  318,088   235,322 Contingent consideration  —   15,000 Warrant liability  —   1,092 Current portion of lease liabilities  13,357   6,941 Current portion of long-term debt  18,160   14,767 Total current liabilities  358,380   280,303 Long - term liabilities    Lease liabilities  158,155   64,925 Long-term debt  120,425   148,493 Convertible debentures payable  79,529   86,428 Deferred tax liabilities, net  12,256   3,748 Other liabilities  4,400   855 Total liabilities  733,145   584,752 Stockholders' equity    Common stock ($0.0001 par value; 1,416,000,000 common shares authorized;131,683,075 and 106,067,875 common shares issued and outstanding, respectively)(1)  132   106 Treasury Stock (589,217 and 200,422 treasury shares issued and outstanding, respectively)(1)  —   — Preferred shares ($0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively)  —   — Additional paid-in capital  6,627,056   6,401,657 Accumulated other comprehensive loss  (44,233)  (43,063)Accumulated deficit  (4,968,623)  (4,847,226)Total Tilray Brands, Inc. stockholders' equity  1,614,332   1,511,474 Non-controlling interests  (19,465)  (21,899)Total stockholders' equity  1,594,867   1,489,575 Total liabilities and stockholders' equity $2,328,012  $2,074,327      (1) - Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025.   Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
   For the three months     For the twelve months      ended May 31, Change % Change ended May 31, Change % Change(in thousands of U.S. dollars, except for per share data) 2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025Net revenue $281,714  $224,535  $57,179  25% $915,454  $821,309  $94,145  11%Cost of goods sold  191,193   156,902   34,291  22%  655,013   580,739   74,274  13%Gross profit  90,521   67,633   22,888  34%  260,441   240,570   19,871  8%Operating expenses:                General and administrative  61,173   37,968   23,205  61%  203,629   167,324   36,305  22%Selling  14,007   14,282   (275) (2)%  49,328   56,039   (6,711) (12)%Amortization  6,192   20,703   (14,511) (70)%  19,585   88,616   (69,031) (78)%Marketing and promotion  13,462   8,969   4,493  50%  42,290   37,048   5,242  14%Research and development  180   34   146  429%  361   284   77  27%Change in fair value of contingent consideration  —   —   —  NM  (15,000)  —   (15,000) NMImpairment of intangible assets and goodwill  —   1,396,904   (1,396,904) (100)%  —   2,096,139   (2,096,139) (100)%Other than temporary change in fair value of convertible notes receivable  —   1,661   (1,661) (100)%  —   21,661   (21,661) (100)%Litigation costs, net of recoveries  1,405   12,093   (10,688) (88)%  3,902   17,347   (13,445) (78)%Restructuring costs  7,192   17,034   (9,842) (58)%  13,113   34,283   (21,170) (62)%Transaction costs (income), net  3,364   1,971   1,393  71%  6,260   4,534   1,726  38%Total operating expenses  106,975   1,511,619   (1,404,644) (93)%  323,468   2,523,275   (2,199,807) (87)%Operating loss  (16,454)  (1,443,986)  1,427,532  (99)%  (63,027)  (2,282,705)  2,219,678  (97)%Interest expense, net  (6,628)  (3,966)  (2,662) 67%  (23,663)  (29,952)  6,289  (21)%Non-operating income (expense), net  (984)  54,915   (55,899) (102)%  (1,370)  10,284   (11,654) (113)%Loss before income taxes  (24,066)  (1,393,037)  1,368,971  (98)%  (88,060)  (2,302,373)  2,214,313  (96)%Income tax expense (recovery), net  13,863   (125,142)  139,005  (111)%  17,098   (121,017)  138,115  (114)%Net loss $(37,929) $(1,267,895) $1,229,966  (97)% $(105,158) $(2,181,356)  2,076,198  (95)%Total net income (loss) attributable to:                Stockholders of Tilray Brands, Inc.  (49,572)  (1,272,795)  1,223,223  (96)%  (121,397)  (2,186,738)  2,065,341  (94)%Non-controlling interests  11,643   4,900   6,743  138%  16,239   5,382   10,857  202%Other comprehensive gain (loss), net of tax                Foreign currency translation gain (loss)  618   10,625   (10,007) (94)%  207   430   (223) (52)%Comprehensive loss $(37,311) $(1,257,270) $1,219,959  (97)% $(104,951) $(2,180,926) $2,075,975  (95)%Total comprehensive income (loss) attributable to:                Stockholders of Tilray Brands, Inc.  (49,607)  (1,262,923)  1,213,316  (96)%  (122,567)  (2,186,302)  2,063,735  (94)%Non-controlling interests  12,296   5,653   6,643  118%  17,616   5,376   12,240  228%Weighted average number of common shares - basic(1)  115,511,367   97,795,989   17,715,378  18%  111,832,375   89,032,602   22,799,773  26%Weighted average number of common shares - diluted(1)  115,511,367   97,795,989   17,715,378  18%  111,832,375   89,032,602   22,799,773  26%Net loss per share - basic(1) $(0.43) $(13.01) $12.58  (97)% $(1.09) $(24.56) $23.47  (96)%Net loss per share - diluted(1) $(0.43) $(13.01) $12.58  (97)% $(1.09) $(24.56) $23.47  (96)%                 (1) - Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025.
                   Condensed Consolidated Statements of Cash Flows
   For the twelve months      Ended May 31, Change % Change(in thousands of US dollars) 2026
 2025
 2026 vs. 2025Cash provided by (used in) operating activities:        Net loss $(105,158) $(2,181,356) $2,076,198  (95)%Adjustments for:        Income tax expense (recovery), net  17,098   (121,017)  138,115  (114)%Unrealized foreign exchange (gain) loss  (9,543)  (18,218)  8,675  (48)%Amortization  67,601   133,490   (65,889) (49)%Loss (gain) on sale of capital assets  (509)  928   (1,437) (155)%Accretion of convertible debt discount  7,914   10,863   (2,949) (27)%Impairments  —   2,096,139   (2,096,139) (100)%Other than temporary change in fair value of convertible notes receivable  —   21,661   (21,661) (100)%Unrealized loss on digital assets  326   —   326  NMOther non-cash items  1,518   (2,203)  3,721  (169)%Stock-based compensation  45,940   24,289   21,651  89%Loss on long-term investments  4,533   5,550   (1,017) (18)%Loss (gain) on derivative instruments  3,495   (2,161)  5,656  (262)%Change in fair value of contingent consideration  (15,000)  —   (15,000) NMChange in non-cash working capital:        Accounts receivable  (66,423)  (17,801)  (48,622) 273%Prepaids and other current assets  (26,898)  (8,264)  (18,634) 225%Inventory  (13,439)  (13,561)  122  (1)%Accounts payable and accrued liabilities  19,401   (22,938)  42,339  (185)%Net cash used in operating activities  (69,144)  (94,599)  25,455  (27)%Cash provided by (used in) investing activities:        Investment in capital and intangible assets  (32,987)  (32,917)  (70) 0%Proceeds from disposal of capital and intangible assets  3,507   6,824   (3,317) (49)%Investment in digital assets  (1,000)  —   (1,000) NMSale (purchase) of marketable securities, net  29,408   (2,515)  31,923  (1269)%Investment in long-term investments  (3,595)  —   (3,595) NMProceeds from long-term investments  2,566   —   2,566  NMBusiness acquisitions, net of cash acquired  (53,699)  (18,110)  (35,589) 197%Net cash provided by (used in) investing activities  (55,800)  (46,718)  (9,082) 19%Cash provided by (used in) financing activities:        Share capital issued, net of cash issuance costs  157,974   161,188   (3,214) (2)%Cash paid in lieu of fractional shares  (159)  —   (159) NMProceeds from warrants  2,367   —   2,367  NMProceeds from long-term debt  —   3,450   (3,450) (100)%Repayment of long-term debt  (25,353)  (15,506)  (9,847) 64%Repayment of convertible debt  —   (330)  330  (100)%Repayment of lease liabilities  (5,429)  (2,900)  (2,529) 87%Net increase (decrease) in bank indebtedness  1,594   (10,852)  12,446  (115)%Dividend paid to NCI  —   (1,544)  1,544  (100)%Net cash provided by (used in) financing activities  130,994   133,506   (2,512) (2)%Effect of foreign exchange on cash and cash equivalents  1,626   1,137   489  43%Net decrease in cash and cash equivalents  7,676   (6,674)  14,350  (215)%Cash and cash equivalents, beginning of year  221,666   228,340   (6,674) (3)%Cash and cash equivalents, end of year $229,342  $221,666  $7,676  3%           Net Revenue by Operating Segment
   For the three months ended
   For the three months ended
    For the year ended   For the year ended  (In thousands of U.S. dollars) May 31, 2026 % of Total Revenue May 31, 2025 % of Total Revenue May 31, 2026 % of Total Revenue May 31, 2025 % of Total RevenueBeverage business $105,596  38% $65,621  29% $253,976  28% $240,595  29%Cannabis business  71,471  25%  67,826  30%  268,342  29%  249,001  30%Distribution business  84,958  30%  74,053  33%  327,244  36%  271,228  33%Wellness business  19,689  7%  17,035  8%  65,892  7%  60,485  8%Total net revenue $281,714  100% $224,535  100% $915,454  100% $821,309  100%                 Net Revenue by Operating Segment in Constant Currency
   For the three months ended
   For the three months ended
    For the year ended   For the year ended    May 31, 2026   May 31, 2025   May 31, 2026   May 31, 2025  (In thousands of U.S. dollars) as reported in constant currency % of Total Revenue as reported in constant currency % of Total Revenue as reported in constant currency % of Total Revenue as reported in constant currency % of Total RevenueBeverage business $104,513  38% $65,621  29% $252,893  29% $240,595  29%Cannabis business  68,981  25%  67,826  30%  260,773  30%  249,001  30%Distribution business  81,092  30%  74,053  33%  304,728  34%  271,228  33%Wellness business  19,444  7%  17,035  8%  65,510  7%  60,485  8%Total net revenue $274,030  100% $224,535  100% $883,904  100% $821,309  100%                 Net Cannabis Revenue by Market Channel
   For the three months ended
   For the three months ended
    For the year ended   For the year ended  (In thousands of U.S. dollars) May 31, 2026 % of Total Revenue May 31, 2025 % of Total Revenue May 31, 2026 % of Total Revenue May 31, 2025 % of Total RevenueRevenue from Canadian medical cannabis $5,367  8% $6,225  9% $23,726  9% $24,998  10%Revenue from Canadian adult-use cannabis  57,267  80%  58,421  86%  236,352  87%  224,048  91%Revenue from wholesale cannabis  652  1%  2,214  3%  7,318  3%  18,207  7%Revenue from international cannabis  27,242  38%  22,365  33%  84,910  32%  63,356  25%Less excise taxes  (19,057) (27)%  (21,399) (31)%  (83,964) (31)%  (81,608) (33)%Total $71,471  100% $67,826  100% $268,342  100% $249,001  100%                 Net Cannabis Revenue by Market Channel in Constant Currency
   For the three months ended
   For the three months ended
    For the year ended   For the year ended    May 31, 2026   May 31, 2025   May 31, 2026   May 31, 2025  (In thousands of U.S. dollars) as reported in constant currency % of Total Revenue as reported in constant currency % of Total Revenue as reported in constant currency % of Total Revenue as reported in constant currency % of Total RevenueRevenue from Canadian medical cannabis $5,245  8% $5,600  9% $23,505  9% $24,998  10%Revenue from Canadian adult-use cannabis  55,959  81%  53,081  87%  234,365  90%  224,048  91%Revenue from wholesale cannabis  637  1%  1,682  3%  7,295  3%  18,207  7%Revenue from international cannabis  25,762  37%  21,945  36%  78,899  30%  63,356  25%Less excise taxes  (18,622) (27)%  (21,399) (35)%  (83,291) (32)%  (81,608) (33)%Total $68,981  100% $60,909  100% $260,773  100% $249,001  100%                   Other Financial Information: Gross Margin and Adjusted Gross Margin
   For the three months ended May 31, 2026(In thousands of U.S. dollars) Beverage Cannabis Distribution Wellness TotalNet revenue $105,596  $71,471  $84,958  $19,689  $281,714 Cost of goods sold  65,002   39,759   73,296   13,136   191,193 Gross profit  40,594   31,712   11,662   6,553   90,521 Gross margin  38%  44%  14%  33%  32%Adjustments:          Purchase price accounting step-up  2,150   —   —   —   2,150 Adjusted gross profit  42,744   31,712   11,662   6,553   92,671 Adjusted gross margin  40%  44%  14%  33%  33%             For the three months ended May 31, 2025(In thousands of U.S. dollars) Beverage Cannabis Distribution Wellness TotalNet revenue $65,621  $67,826  $74,053  $17,035  $224,535 Cost of goods sold  40,630   38,201   66,615   11,456   156,902 Gross profit  24,991   29,625   7,438   5,579   67,633 Gross margin  38%  44%  10%  33%  30%             For the twelve months ended May 31, 2026(In thousands of U.S. dollars) Beverage Cannabis Distribution Wellness TotalNet revenue $253,976  $268,342  $327,244  $65,892  $915,454 Cost of goods sold  162,743   161,256   286,589   44,425   655,013 Gross profit  91,233   107,086   40,655   21,467   260,441 Gross margin  36%  40%  12%  33%  28%Adjustments:          Purchase price accounting step-up  2,150   —   —   —   2,150 Adjusted gross profit  93,383   107,086   40,655   21,467   262,591 Adjusted gross margin  37%  40%  12%  33%  29%             For the twelve months ended May 31, 2025(In thousands of U.S. dollars) Beverage Cannabis Distribution Wellness TotalNet revenue $240,595  $249,001  $271,228  $60,485  $821,309 Cost of goods sold  147,591   150,005   241,896   41,247   580,739 Gross profit  93,004   98,996   29,332   19,238   240,570 Gross margin  39%  40%  11%  32%  29%Adjustments:          Purchase price accounting step-up  1,610   —   —   —   1,610 Adjusted gross profit  94,614   98,996   29,332   19,238   242,180 Adjusted gross margin  39%  40%  11%  32%  29%             Other Financial Information: Adjusted Earnings Before Interest, Taxes and Amortization
   For the three months ended May 31,
 Change % Change For the year ended May 31,
 Change % Change(In thousands of U.S. dollars) 2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025Net income (loss) $(37,929) $(1,267,895) $1,229,966  (97)% $(105,158) $(2,181,356) $2,076,198  (95)%Income tax (recovery) expense  13,863   (125,142)  139,005  (111)%  17,098   (121,017)  138,115  (114)%Interest expense, net  6,628   3,966   2,662  67%  23,663   29,952   (6,289) (21)%Non-operating income (expense), net  984   (54,915)  55,899  (102)%  1,370   (10,284)  11,654  (113)%Amortization  19,341   34,080   (14,739) (43)%  67,601   133,490   (65,889) (49)%Stock-based compensation  14,880   6,100   8,780  144%  45,940   24,289   21,651  89%Change in fair value of contingent consideration  —   —   —  NM  (15,000)  —   (15,000) NMImpairment of intangible assets and goodwill  —   1,396,904   (1,396,904) (100)%  —   2,096,139   (2,096,139) (100)%Other than temporary change in fair value of convertible notes receivable —   1,661   (1,661) (100)%  —   21,661   (21,661) (100)%Project 420 business optimization  —   —   —  NM  200   2,600   (2,400) (92)%Loss (gain) on sale of capital assets - non-operating facility  —   1,787   (1,787) (100)%  —   1,787   (1,787) (100)%Purchase price accounting step-up  2,150   —   2,150  NM  2,150   1,610   540  34%Litigation costs, net of recoveries  1,405   12,093   (10,688) (88)%  3,902   17,347   (13,445) (78)%Restructuring costs  7,192   17,034   (9,842) (58)%  13,113   34,283   (21,170) (62)%Transaction costs (income), net  3,364   1,971   1,393  71%  6,260   4,534   1,726  38%Adjusted EBITDA $31,878  $27,644  $4,234  15% $61,139  $55,035  $6,104  11%                   For the three months ended May 31,
 Change % Change For the year ended May 31,
 Change % Change(In thousands of U.S. dollars) 2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025Net loss attributable to stockholders of Tilray Brands, Inc. $(49,572) $(1,272,795) $1,223,223  (96)% $(121,397) $(2,186,738) $2,065,341  (94)%Non-operating income (expense), net  984   (54,915)  55,899  (102)%  1,370   (10,284)  11,654  (113)%Amortization  19,341   34,080   (14,739) (43)%  67,601   133,490   (65,889) (49)%Deferred income tax expense (benefits), net  5,584   (128,197)  133,781  (104)%  8,015   (125,511)  133,526  (106)%Stock-based compensation  14,880   6,100   8,780  144%  45,940   24,289   21,651  89%Change in fair value of contingent consideration  —   —   —  NM  (15,000)  —   (15,000) NMImpairment of intangible assets and goodwill  —   1,396,904   (1,396,904) (100)%  —   2,096,139   (2,096,139) (100)%Other than temporary change in fair value of convertible notes receivable, attributable to stockholders of Tilray Brands, Inc.  —   1,129   (1,129) (100)%  —   14,729   (14,729) (100)%Project 420 business optimization  —   —   —  NM  200   2,600   (2,400) (92)%Purchase price accounting step-up  2,150   —   2,150  NM  2,150   1,610   540  34%Litigation costs, net of recoveries  1,405   12,093   (10,688) (88)%  3,902   17,347   (13,445) (78)%Restructuring costs  7,192   17,034   (9,842) (58)%  13,113   34,283   (21,170) (62)%Transaction costs (income), net  3,364   1,971   1,393  71%  6,260   4,534   1,726  38%Adjusted net income (loss) $5,328  $13,404  $(8,076) (60)% $12,154  $6,488  $5,666  87%Adjusted net income (loss) per share - basic(1) $0.05  $0.14  $(0.09) (64)% $0.11  $0.07  $0.04  57%                 (1) - Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025.
                 Other Financial Information: Free Cash Flow
   For the three months ended May 31,
 Change % Change For the year ended May 31,
 Change % Change(In thousands of U.S. dollars) 2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025Net cash provided by (used in) operating activities $(37,324) $(12,807) $(24,517) 191% $(69,144) $(94,599) $25,455  (27)%Less: investments in capital and intangible assets, net  (8,440)  (340)  (8,100) 2382%  (29,480)  (26,093)  (3,387) 13%Free cash flow $(45,764) $(13,147) $(32,617) 248% $(98,624) $(120,692) $22,068  (18)%Add: growth CAPEX  2,366   219   2,147  980%  9,779   6,537   3,242  50%Add: cash paid for litigation settlements  —   —   —  NM  2,804   —   2,804  NMAdjusted free cash flow $(43,398) $(12,928) $(30,470) 236% $(86,041) $(114,155) $28,114  (25)%                   Other Financial Information: Key Operating Metrics
   For the three months ended, May 31, For the year ended May 31,(in thousands of U.S. dollars) 2026
 2025
 2026
 2025
Net beverage revenue $105,596  $65,621  $253,976  $240,595 Net cannabis revenue  71,471   67,826   268,342   249,001 Distribution revenue  84,958   74,053   327,244   271,228 Wellness revenue  19,689   17,035   65,892   60,485 Beverage costs  65,002   40,630   162,743   147,591 Cannabis costs  39,759   38,201   161,256   150,005 Distribution costs  73,296   66,615   286,589   241,896 Wellness costs  13,136   11,456   44,425   41,247 Adjusted gross profit (excluding PPA step-up)  92,671   67,633   262,591   242,180 Beverage adjusted gross margin (excluding PPA step-up)  40%  38%  37%  39%Cannabis adjusted gross margin (excluding PPA step-up)  44%  44%  40%  40%Distribution gross margin  14%  10%  12%  11%Wellness gross margin  33%  33%  33%  32%Adjusted EBITDA  31,878   27,644   61,139   55,035 Cash, restricted cash and marketable securities as at the year ended:  234,631   256,363   234,631   256,363 Working capital as at the year ended:  433,754   408,323   433,754   408,323            Other Financial Information: Adjusted cash operating income (loss)
   For the three months ended May 31,
 Change % Change For the year ended May 31,
 Change % Change  2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025Operating loss $(16,454) $(1,443,986) $1,427,532  (99)% $(63,027) $(2,282,705) $2,219,678  (97)%Change in fair value of contingent consideration  —   —   —  NM  (15,000)  —   (15,000) NMImpairments  —   1,396,904   (1,396,904) (100)%  —   2,096,139   (2,096,139) (100)%Other than temporary change in fair value of convertible notes receivable, attributable to stockholders of Tilray Brands, Inc.  —   1,661   (1,661) (100)%  —   21,661   (21,661) (100)%Amortization  19,341   34,080   (14,739) (43)%  67,601   133,490   (65,889) (49)%Stock-based compensation  14,880   6,100   8,780  144%  45,940   24,289   21,651  89%Adjusted cash operating income (loss) $17,767  $(5,241) $23,008  (439)% $35,514  $(7,126) $42,640  (598)%                 

BRECKENRIDGE, Colo., July 23, 2026 (GLOBE NEWSWIRE) -- Revolver Beer and Spirits, a subsidiary of Tilray Brands, Inc. (NASDAQ: TLRY and TSX: TLRY), Revolver Brewing announced its evolution into Revolver Beer & Spirits, extending the Blood & Honey Legacy into Whiskey, Gin, and Vodka, marking the Texas-born beer brand’s expansion into spirits. Inspired by Revolver’s flagship Blood & Honey beer, the new line brings the brand’s unmistakable blood orange and honey profile to three bold, versatile spirits crafted for sipping, mixing and raising the bar on modern Texas flavor. Each spirit is bottled at 80 proof / 40% ABV and crafted with raw, unfiltered Texas Honey from Burleson's Honey in Waxahachie, Texas.

Rooted in the Texas countryside and shaped by a maverick spirit, Revolver has built a following by taking the familiar and spinning it into something distinctly its own. With Blood & Honey Spirits, Revolver carries that same approach into a new category: rugged enough to feel earned, refined enough to sip with intention, and unmistakably original in every pour.

Blood & Honey Whiskey

Built on a foundation of rich grains, warm citrus undertones and a touch of honeyed sweetness, Blood & Honey Whiskey delivers big flavor with a modern edge. Bright blood orange, gentle oak, smooth honey, soft vanilla and a hint of clove lead to a clean, lingering finish with a fresh burst of blood orange zest.
MSRP: $29.99

Blood & Honey Gin

Blood & Honey Gin is a crisp, clever take on a classic spirit, blending bright citrus, subtle honey and curated botanicals inspired by Revolver’s iconic Texas Blood & Honey beer. Classic juniper opens alongside blood orange, citrus zest and creamy honey, leading to a smooth palate and a refreshing finish with structured bitterness.
MSRP: $23.99

Blood & Honey Vodka

Distilled for clarity and crafted with a hint of Blood & Honey essence, Blood & Honey Vodka is smooth, clean and far from plain. Vibrant blood orange zest, fresh juice, light honey and delicate wildflowers lead to a soft finish with subtle vanilla and a lingering echo of blood orange.
MSRP: $19.99

“Revolver has always stood for bold Texas flavor, and Revolver Blood & Honey Spirits bring the iconic Texas Blood & Honey beer into a new category with real energy and originality,” said Ralph Huellemann, Texas State Sales Manager for Revolver Spirits. “Crafted with raw, unfiltered honey, this lineup is built to stand out on the shelf, behind the bar and in the glass. We see a powerful opportunity to give consumers something distinctive: spirits rooted in Texas, inspired by an iconic beer, and made for how people drink today.”

Revolver Blood & Honey Spirits will be available exclusively in Texas beginning today. For more information, visit DrinkRevolver.com and follow Revolver on Instagram @revolverbrewing. Age 21+. Please enjoy responsibly.

About Revolver Beer and Spirits

Revolver Beer and Spirits is a Texas-born craft beverage brand known for taking familiar flavors and spinning them into something distinctly its own. Inspired by Revolver’s iconic Texas Blood & Honey beer, Revolver’s spirits line features Whiskey, Gin and Vodka crafted with raw, unfiltered honey. Each spirit brings bold flavor, authenticity and a touch of Texas contradiction—rugged yet refined, rooted yet forward-looking, and made for consumers who want something original in every pour.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements

Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact

Media: [email protected]

Investors: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/326cdbce-1305-491b-8ccd-bf1e67c324c4

In the latest trading session, Tilray Brands, Inc. (TLRY - Free Report) closed at $4.23, marking a -1.63% move from the previous day. This change lagged the S&P 500's daily loss of 0.19%. Elsewhere, the Dow lost 0.59%, while the tech-heavy Nasdaq lost 0.05%.

The stock of company has fallen by 9.09% in the past month, lagging the Medical sector's gain of 6.06% and the S&P 500's gain of 0.55%.

Investors will be eagerly watching for the performance of Tilray Brands, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 28, 2026. The company is expected to report EPS of -$0.01, down 105% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $268.17 million, showing a 19.43% escalation compared to the year-ago quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.58 per share and a revenue of $885.3 million, indicating changes of -680% and +7.79%, respectively, from the former year.

Investors might also notice recent changes to analyst estimates for Tilray Brands, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Tilray Brands, Inc. presently features a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 169, this industry ranks in the bottom 32% of all industries, numbering over 250.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

BrewDog and Tilray are keeping football’s biggest celebration alive by unlocking the £1 million bar tab at participating pubs1 beginning July 20 because great football deserves celebrating, no matter who lifts the trophy

LONDON and ELLON, Scotland, July 17, 2026 (GLOBE NEWSWIRE) -- Leading UK craft beer brand and Scottish brewer BrewDog, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), today announced that this celebration is for the fans. BrewDog and Tilray Brands will continue bringing football supporters together with watch parties throughout the tournament and will keep the celebration going after the final whistle by kicking off the £1 million bar tab at participating BrewDog pubs beginning July 20, 2026. Running through September 30, 2026, the bar tab gives fans across England, Scotland and Ireland more reasons to come together, raise a pint and celebrate the game, no matter who lifts the trophy. This promotion is not affiliated with, sponsored by, endorsed by, or in any way officially connected with any international football governing body, team, federation, league or tournament.

Irwin Simon, Chairman and Chief Executive Officer, Tilray Brands, said, “The greatest moments in sport are not defined only by the scoreline or the team that lifts the trophy; they are defined by the people who come together to share them. At Tilray Brands and BrewDog, we believe great brands create experiences that bring fans together, and that is exactly what this celebration is about. Football has an extraordinary way of filling pubs, sparking conversation and turning every match into a shared moment. The £1 million bar tab is our way of keeping that energy alive for fans, giving people more reasons to gather, raise a pint and celebrate the spirit of sport together.”

Watch parties will continue at BrewDog pubs throughout the tournament and the £1 million bar tab celebration will activate across participating venues beginning July 20, 2026, and run through September 30, 2026. The bar tab is to celebrate and bring ALL football fans together at participating Tilray-owned BrewDog pubs in Scotland, England and Ireland, excluding franchised BrewDog bars. Fans should rally their crew and be ready to continue celebrating football together.

Beginning July 20, 2026, fans can redeem two free pints per person from the £1 million bar tab through September 30, 2026, via BrewDog’s Treats loyalty platform. To redeem, fans must be signed up to BrewDog Treats and show their Treats QR code at participating BrewDog pubs; this is separate from the BrewDog Now order-to-table app. Existing Treats customers will automatically receive the offer in their wallets and can redeem by showing their QR code to their server. New customers can sign up at brewdog.com/treats and add their Treats QR code to their Apple or Google Wallet; once enrolled, the two free beers will appear in their wallet beginning July 20 and will be redeemable through September 30, 2026, or until the £1 million bar tab runs out. Redemptions will be available on a first-come, first-served basis while funds and stocks last, subject to participating venue availability and applicable local laws.

From BrewDog pubs across participating markets, the bar tab is built for the kind of match-day energy fans live for - packed pubs, team colours, cold pints, big screens and one massive reason to cheer as BrewDog bars continue building their role as go-to destinations for live sport all summer long.

Beyond football, participating BrewDog bars will continue activating watch parties and big-screen moments around major summer sporting occasions, including auto racing in July and August, major golf tournaments in July, the return of top-flight football in August, and world-class tennis tournaments, with the biggest matches shown across participating venues.

Terms & Conditions
The £1 million bar tab will be honoured beginning July 20, 2026, across participating venues and will run through September 30, 2026, or until the £1 million bar tab runs out, whichever comes first. This promotion is not affiliated with, sponsored by, endorsed by, or in any way officially connected with FIFA or any other international football governing body, team, federation, league or tournament. The bar tab will be activated by BrewDog and redeemable at participating Tilray-owned BrewDog pubs only in Scotland, England and Ireland, excluding franchised BrewDog bars. Fans must be signed up to the BrewDog Treats loyalty platform and show their Treats QR code at participating BrewDog pubs to redeem two free pints per person. Fans can sign up at brewdog.com/treats and add the Treats QR code to their Apple or Google Wallet. Existing BrewDog Treats customers will automatically receive the offer in their wallets; new customers who sign up will see the two free beers appear in their wallet upon enrolment. This redemption process is separate from the BrewDog Now order-to-table app. Redemptions will be available for a standard serve of BrewDog beer on a first-come, first-served basis while funds and stocks last. Offer is subject to availability, applicable local laws and venue participation; no cash alternative; valid government-issued ID may be required; please drink responsibly. Participants must meet the legal drinking age requirements in the country or region where redemption takes place. Participating venues may continue watch parties through the end of the tournament. Additional terms, timing, participating locations and redemption details may apply.

About BrewDog
BrewDog, the #1 craft beer brand in the UK, has always had one mission: making people as passionate about great beer as we are.

From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007.

Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognizable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future will continue to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit

Tilray.com and follow @Tilray on all social platforms. 

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

Tilray Brands Contacts:
Media 
[email protected]

Investor Relations 
[email protected]

1 Participation includes Tilray-owned BrewDog brewpubs only – does not included franchise locations.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ab6f4807-fecf-41fd-8751-9d336bd0f4bd

NEW YORK and LONDON and LEAMINGTON, Ontario, July 13, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage and wellness industries, today announced that the Company will release its financial results for the fourth quarter and full fiscal year ended May 31, 2026, after the financial markets close on Tuesday, July 28, 2026.

Live Conference Call and Audio Webcast

Tilray will host a live conference call, which will be webcast, to discuss these results at 4:30 PM Eastern Time on the same day. The webcast can be accessed on the Events & Presentations section of Tilray’s Investor Relations website.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Media
[email protected]

PANAMA CITY, July 09, 2026 (GLOBE NEWSWIRE) -- Tilray Medical, a division of Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY) and a leading global medical cannabis company, today announced the commercial launch of its first medical cannabis product in Panama, marking a significant milestone in the company’s ongoing global expansion and commitment to improving patient access to pharmaceutical-grade cannabinoid medicines worldwide.

The launch follows the successful shipment of Tilray Oral Solution CBD100 from Tilray Medical’s EU-GMP-certified production facilities in Portugal through its joint venture with Solana Life Group S. de R.L. The product is intended to be distributed through Farmacias Arrocha, one of Panama’s leading pharmacy networks, where patients will be able to access Tilray Oral Solution CBD 100 under medical prescription. This is expected to provide patients and healthcare professionals with access to regulated, pharmaceutical-quality medical cannabis through established healthcare channels.

The milestone reinforces Tilray Medical’s position as one of the most geographically diversified medical cannabis companies globally. Today, Tilray Medical serves patients across more than 20 countries spanning Europe, Australia, Canada, Latin America, and other emerging international markets, helping advance access to safe, high-quality cannabinoid-based medicines through regulated healthcare systems.

Rajnish Ohri, President, International, Tilray Brands, stated, “At Tilray Medical, we believe every patient deserves access to safe, consistent, pharmaceutical-grade medical cannabis products. Our commercial launch in Panama reflects our broader vision to expand access to cannabinoid-based medicines through trusted healthcare systems around the world. As medical cannabis frameworks continue to advance, we are committed to working alongside healthcare providers, regulators, pharmacists, and patients to help shape the future of responsible access, advance medical education, and deliver high-quality treatment options that improve lives.”

The launch supports Panama’s emerging medical cannabis framework established under Law 242 of 2021 and follows important regulatory advancements by the Ministry of Health, including Resolution No. 0406 of May 12, 2026, which established key requirements for patient access. The Ministry also recently introduced the Medical Cannabis Users and Authorized Caregivers Identification System (SIUCMAA), creating a structured pathway for physician authorization and patient registration.

Manufactured in Portugal in accordance with rigorous European Union Good Manufacturing Practice (EU-GMP) standards, Tilray Oral Solution CBD100 is intended for use, where authorized, in patients with qualifying medical conditions authorized under Panamanian legislation. The product reflects Tilray Medical’s longstanding commitment to pharmaceutical quality, product consistency, patient safety, and regulatory compliance.

Tilray Medical’s advanced cultivation and manufacturing facilities in Portugal serve as a strategic global export hub, supplying EU-GMP-certified medical cannabis products to regulated markets around the world. The platform enables Tilray Medical to efficiently support growing international demand while maintaining the highest pharmaceutical manufacturing standards across its global operations.

The Panama launch represents another step in Tilray Medical’s broader strategy to expand access across Latin America, an emerging medical cannabis region. As governments across the region continue to establish regulatory pathways for cannabinoid-based medicines, Tilray Medical is well-positioned to support healthcare systems with trusted products, scientific expertise, and a proven track record of operating in highly regulated international markets.

As global acceptance of medical cannabis continues to accelerate, Tilray Medical remains focused on advancing patient care, supporting clinical education, investing in research, and expanding access to high-quality medical cannabis products that help address unmet patient needs worldwide.

For further information, please visit: www.Solana.pa

About Tilray Medical 
Tilray Medical is dedicated to transforming lives and fostering dignity for patients in need through safe and reliable access to a global portfolio of medical cannabis brands, including Tilray Medical, Good Supply, Redecan, ARX, and Broken Coast. Tilray grew from being one of the first companies to become an approved licensed producer of medical cannabis in Canada to building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany. Today, Tilray Medical is one of the largest suppliers of medical cannabis to patients, physicians, hospitals, pharmacies, researchers, and governments, in 20 countries and across five continents.

For more information on Tilray Medical, visit Tilray Medical Europe, Tilray Medical Canada, Tilray Medical Australia-New Zealand and Solana.pa in Panama.

About Tilray Brands 

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Forward‑looking statements in this communication also include statements regarding the Company’s market positioning, ability to meet evolving medical cannabis demand in regulated pharmaceutical environments, and expectations concerning the effectiveness of strategic partnerships, including the Company’s collaboration with Molteni to support the development of the Italian medical cannabis market. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact:

Media: [email protected]  

Investors: [email protected]  

Tilray Brands (TLRY 1.60%) is a leading cannabis company based in Canada that has been growing its operations all over the world. It's also expanded into beverages in a bid to diversify its operations and pursue even more growth opportunities.

However, while the company has been growing over the years, it remains unprofitable. And many investors bought the cannabis stock in the hopes that it would one day be able to capitalize on opportunities in the U.S. if legalization takes place -- something that hasn't happened yet and may not happen anytime soon.

This year, the marijuana stock is down more than 50%. It's a risky investment, but has its value gotten so low that it's worth buying despite the challenges it's facing?

Image source: Getty Images.

Tilray's business is getting bigger, but whether it's better is debatable Tilray has leaned on acquisitions to grow its business over the years, particularly as it has expanded its alcohol segment, but that isn't necessarily a surefire recipe for success. Acquisitions can be an easy way to generate more revenue, but there's also plenty of work involved to eliminate inefficiencies and unnecessary expenses, so they're accretive to the bottom line.

The company's most recent financial results show that for the nine-month period ending Feb. 28, Tilray's net revenue rose by a fairly modest 6% year over year, totaling $633.7 million. However, despite the increase, its gross profit actually declined by 2% due to worsening margins. And the company incurred an operating loss of $46.6 million. With limited growth and no profitability, it's difficult to make the case that the stock is worth investing in, despite all of its acquisitions.

Today's Change

(

-1.60

%) $

-0.07

Current Price

$

4.31

The stock may look cheap, but that doesn't mean it's a good buy For investors who may be tempted to buy the dip on Tilray's stock, it may be worthwhile to look at the longer, five-year trajectory of the stock. During that longer time frame, the stock has plummeted a massive 97%. Time and time again, investors along the way were likely confident the stock had bottomed out and was destined to rally, only to leave them with significant losses and disappointment.

When a stock has such troubling fundamentals and financials as Tilray, and its growth prospects are questionable, there's no magic price that suddenly makes it worth buying. The business needs to prove to investors that it's worth investing in, and Tilray is nowhere near that point. Simply acquiring more companies doesn't fix its problems. In fact, I'd argue it needs to get leaner and smaller, rather than larger and bloated, just to show growth. While it may look cheap right now, I wouldn't be surprised if it looks even cheaper in the future.